According to an eyewitness account Obama was on a hiding to nothing taking on the Chinese. The writer believes It was a deliberate ploy to discredit the US and leave the President empty handed while making it look like it was the fault of the US.
Presidents Chavez and Morales of Venezuela and Bolivia were also present and commented on the way documents were being circulated without allowing the possibility of discussion. Morales, who had arrived early in Copenhagen, referred to the lack of democracy being displayed at a high level. Chavez refers to this in his report back on the summit.
Does this let global Capitalism off the hook? At the conference I attended in Cuba in 2008 on Marxism in the 21st Century the question was asked whether China was following a socialist path or not. The consensus believed it was not. Interestingly Chinese delegates there appeared to come from marginal parts of the nation. They dodged the question.
What I saw of China in Zimbabwe and Botswana made it seem like a new colonial power. What was being offered to African countries in return for the loot seemed to be more destruction of the environment. Regrettably governments encouraged the Chinese imperial alternative.
The Latin American states included in ALBA had put climate change high on their agenda and President Lula of Brazil spoke of his frustration as the talks unfolded. So the refusal of China to accede to any formal agreements put forward at the last minute, including by Obama, were clearly against the wishes of the ALBA countries. Yet China is conspicuous by its absence from analyses of their spokesmen. The question of whether China is adopting a socialist course or copying the imperialism of the west is not being addressed.
Whether the blame rests with the USA, China or elsewhere is a matter of debate. In any case climate change will not be answered by vested self interest of western capitalism or a Chinese variant is painfully clear.