The European Union may entice developing nations including China into a global climate agreement by setting "no-lose'' greenhouse-gas targets, which offer incentives to cut emissions and no penalty for failure. Targets may be unveiled for industries such as power generation and steel, providing developing nations with carbon credits they could sell to richer countries with stricter limits, according to an EU document posted on a United Nations Web site. International negotiations take place next month in Bonn. The document and other national submissions reveal how rich and poor nations remain divided on how to curb greenhouse gases. China wants industrialised nations to "change their lifestyle'' and spend 0.5 % of gross domestic product to help developing countries fight climate change. The US is seeking "meaningful contributions'' from poorer countries.'It's very unlikely that developing nations as a group will accept targets that will limit their ability to become developed,'' said Geoff Sinclair, London-based head of carbon finance and trading at Standard Bank Group Ltd., South Africa's largest bank. "Morally, you can understand their argument.'' It's difficult to say whether US lawmakers will be receptive to "no-lose'' targets as they seek to protect the nation's Economy, Sinclair said on Thursday. Crude oil on Thursday rose to a record above $135 a barrel in New York on concern supplies are inadequate after US stockpiles unexpectedly dropped last week. Oil futures have more than doubled in the past year. "The rising cost of energy is going to hit developing countries very hard,'' said Fiona Wain, chief executive officer of Environment Business Australia, a think-tank near Canberra whose members include Merrill Lynch & Co and BP Plc Developing nations will need money from credits to help pay for energy and so-called clean technology, she said. "It's a very sensible way of going about things.''