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The rejection, led by Venezuela and Bolivia, was announced during a press conference broadcast live by Venezuelan TV.
During the joint press conference, Venezuelan President Hugo Chavez said the document was "tricks" supported by the United States.
The ALBA representatives, also including Bolivian President Evo Morales, Cuban Vice President Esteban Lazo and Ecuadorian National Patrimony Minister Maria Fernanda Espinoza, criticized the Capitalist model dominating the world's economy which put human life at risk.
"It is about the hegemonic model, and that is why the United States made a tricky proposal, offering money as if that was the problem," Chavez added.
According to Chavez, 40 percent of the vehicles in the world are in the United States, which has five percent of the world's population consuming 25 percent of energy on the planet.
"We know how to do things, but we ask them to stop harming us," said Cuban Vice President Esteban Lazo.
Lazo added that US citizens should not rest content with Obama's performance at the conference -- "on the contrary, they should be worried."
Meanwhile, Ecuador's National Patrimony Minister Maria Fernanda Espinosa said that the ALBA countries were protesting against practices violating the UN Charter.
She added that the procedure, form and content of the climate document were questioned by the ALBA, which refuses to sign the final document.