Cancun:
A United Nations climate conference on Saturday approved a deal to create a "green" fund for developing countries and to take other small steps to address global warming - despite objections from Bolivia that the pact doesn't go far enough.
Though the accords were limited, it was the first time in three years the 193-nation conference adopted any climate action, restoring faith in the unwieldy UN process after the letdown a year ago at a much-anticipated summit in Copenhagen.
Mexican President Felipe Calderon, in a 4 a.m. speech, declared the conference a success, after two separate agreements were passed.
The agreements "altered the inertia and have changed the feeling of collective powerlessness for hope in multilateralism," that had settled over the frustrated efforts for a broad climate treaty, he said.
But despite reaching a deal on Saturday, an overarching accord to slash global emission was deferred for another year to the next climate conference in Durban, South Africa, 2011.
The new agreement creates "building blocks" for a new global pact and, unexpectedly, gives recognition to the goal of reducing greenhouse gas emissions from industrial countries by 25 to 40 per cent from 1990 levels within the next 10 years.
Current pledges amount to about 16 percent.
One of the agreements renewed a framework for cutting greenhouse gas emissions but set no new targets for industrial countries.
The second created a financial and technical support system for developing countries facing grave threats from global warming.
The accord establishes a multi-billion dollar annual Green Climate Fund to help developing countries cope with climate change, though it doesn't say how the fund's money is to be raised.
It also sets rules for internationally funded forest conservation, and provides for climate-friendly technology to expanding economies.
Mexican Foreign Secretary Patricia Espinosa, the conference president, won repeated standing ovations from a packed conference hall for her deft handling of bickering countries and for drafting an acceptable deal.
Country after country praised the document, though flawed, as the best available deal.
"The European Union came to Cancun in the hope to have a balanced package," said Connie Hedegaard, European Commissioner for Climate Action.
"A package showing progress and substance as well as paving the way forward in this process. This has been achieved here in Cancun," Hedegaard said.
Dr. Hasan Mahmud, Bangladesh State Minister for Environment and Forests, told Espinosa that Bangladesh "fully support your vote and we associate ourselves with this outcome."
But Bolivia's chief delegate Pablo Solon refused to go along with the package, arguing that it was dangerous because it was too weak to stop rising temperatures.
"Bolivia has clearly expressed its disagreement with this document and that there is no consensus for its approval," Solon said.
The draft strikes a skilful compromise between the US and China, which had been at loggerheads throughout the two-week conclave on methods for monitoring and verifying actions to curtail greenhouse gases.
Chief US negotiator Todd Stern said it was time to "get this deal done and put the world on a more hopeful path toward a low emissions and sustainable future."
That was echoed by his Chinese counterpart, Xie Zhenhua, who said despite shortcomings "We are basically satisfied."
Environmentalists cautiously welcomed the deal.
Underscoring what's at stake in the long-running climate talks, NASA reported that the January-November 2010 global temperatures were the warmest in the 131-year record.
Its data indicated the year would likely end as the warmest on record, or tied with 2005 as the warmest.
The UN's top climate science body has said such swift and deep reductions are required to keep temperatures from rising more than 2 degrees Celsius (3.8 F) above preindustrial levels, which could trigger catastrophic climate impacts.