Delegates at the United Nations climate change conference in Cancun, Mexico, approved an agreement early Saturday morning, despite objections from Bolivia.
The agreement includes plans to create a $100-billion fund to help developing nations deal with global warming.
Mexican President Felipe Calderon hailed the deal.
"It begins a new era of cooperation in climate change. They are the first steps in this long and renewed campaign," he said.
Bolivia objected to the agreement, saying it did not go far enough.
"For us, this is not a step forward. It is a step back, because what is being done here is postponing without limit the discussion on the Kyoto Protocol," Bolivian Ambassador Pablo Solon told delegates early Saturday.
That agreement, which expires in 2012, sets targets for 37 industrialized countries, plus the European Union, to reduce their greenhouse gas emissions.
The agreement reached Saturday does not specify what will happen once the agreement expires.
"It is less than what is needed, but it represents a significant step in the right direction," Calderon told delegates.
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