Cancun (Mexico), Dec.11 (ANI): The UN climate conference in Cancun on Saturday reached a "compromise" deal to set up a 100 billion dollars 'Green Fund' to fight global warming.
As per the deal, hundred billion dollars are expected to mobilise per year by 2020, which will be given to developing nations for adaptation and mitigation purposes.
Mexican President Felipe Calderon said: "Confidence is back, hope has returned."
Despite no agreement being taken on extending the landmark Kyoto Protocol on emissions cuts beyond 2012, India described the deal as an "important step forward".
Stating that major emerging economies -Brazil, South Africa, India and China (BASIC) had welcomed the decision, Environment Minister Jairam Ramesh said: "We are very happy with the text."olivia was the only country to oppose the decision in Cancun, but was eventually overruled.
No number had been given for further emission reductions under the Kyoto Protocol and there was no commitment to continue the Kyoto Protocol after it expires in 2012.
Some groups called it as a "weak" text, which will sooner or later lead to the death of Kyoto Protocol, the only treaty that imposes legally binding cuts on developed countries.
Others said that it is a workable "compromise" for the moment.
"Space has been given to dump the Kyoto protocol. The text allows for creation of new market mechanisms for carbon trading which could be built of the existing market mechanism under the Kyoto Protocol," said Chandra Bhushan, from the Centre of Science and Environment.
Progress at the conference includes a broad agreement on technology-sharing mechanism that will ensure that poor and vulnerable countries are able to access green technologies easily and in a cost-effective manner.
The decisions reached in this conference will be followed up in negotiations next year, and it is hoped that a legally binding treaty emerges at the next climate meet in Durban, South Africa.
he other main components of Saturday's decision included backing efforts in poorer nations to protect their climate-friendly tropical forests, with the prospect of financial compensation from richer nations.
The final text contained vague compromise language on financing, monitoring and oversight.
It was also decided in the meeting to establish a Technology Executive Committee under the treaty to analyse needs and policies for transfer to developing nations of technology for clean energy and adaptation to climate change, apart from a Climate Technology Centre to build a global network to match technology needs and suppliers.
It also emphasised on strengthening the reporting requirements and assessment of emissions-reduction actions by both developed and developing countries, to verify they are being carried out effectively.
Developed nations also would improve reporting on climate-related financial support to poorer nations. (ANI)