A new draft agreement drawn up for the last scheduled day of the UN climate conference in Glasgow on Friday presses countries to reach higher in their plans to tackle global warming but also tries to balance the demands of richer and poorer nations.

While retaining a central demand for countries to set tougher climate pledges next year, the draft uses weaker language than a previous one in asking them to phase out subsidies for the fossil fuels that are the prime manmade cause of global warming.

To increase pressure...