United Nations climate summit reaches deal
December 9 , 2012
A United Nations climate in summit in Doha closed on Saturday, agreeing to an eight-year extension to 2020 of the Kyoto Protocol, the only legally binding UN pact for tackling global warming.
The summit established for the first time that rich nations must compensate poor nations for losses due to climate change.
Developing nations hailed the move as a breakthrough.
The deal was agreed by nearly 200 nations and extends the Kyoto Protocol to 2020.
The agreement covers Europe and Australia, whose share of world greenhouse gas emissions is less than 15 percent.
The summit also paved the way for the Kyoto protocol to be replaced by a new treaty that will bind all rich and poor nations together by 2015 to combat climate change.
The final text "encourages" rich nations to contribute at least $10 billion a year up to 2020, when the new global climate agreement is due to come into place.