Negotiators paving the way for a global climate change agreement in Paris have cleared a major hurdle, producing a draft accord in record time and raising hopes that a full week of minister-led talks can now clinch a deal despite many sticking points.

No part of the deal has been finalised because in the end it is likely to be a tradeoff between developing countries’ demands – particularly for financing to help cope with the impacts of locked-in climate change – and wealthier nations’ insistence that over time all countries properly account for the progress they have made towards emission reduction goals.

Negotiators paving the way for a global climate change agreement in Paris have cleared a major hurdle, producing a draft accord in record time and raising hopes that a full week of minister-led talks can now clinch a deal despite many sticking points.

And it remains littered with brackets – indicating areas of disagreement. But the document handed to the French on Saturday has refined 50 pages down to just over 20 and, unusually, was agreed on schedule, leaving a full week for ministers to reach agreement.

China’s chief climate negotiator, Su Wei, said: “It has laid a solid foundation for next week … like when we cook a meal you need to have all the seasonings and ingredients and recipes, but next week is the actual cooking.”