11 December 2010 Last updated at 06:48 GMT
Agreement at the UN climate summit in Cancun appears to be close, with most delegations hailing compromise texts drawn up by the Mexican hosts.
Only Bolivia, with some support from Cuba, raised objections, but it is not clear if they will block consensus.
The draft texts say deeper cuts in carbon emissions are needed, but do not establish a mechanism for achieving the pledges countries have made.
It also sets up a fund to help poor countries cope with climate change.
Delegates cheered speeches from governments that had caused the most friction during negotiations - Japan, China, even the US - as one by one they endorsed the draft.
The Green Climate Fund is intended to raise and disburse $100bn (£64bn) a year by 2020 to protect poor nations against climate impacts and assist them with low-carbon development.
A new Adaptation Committee will support countries as they establish climate protection plans.
And parameters for funding developing countries to reduce deforestation are outlined.
But the deal is a lot less than the comprehensive agreement that many countries wanted at last year's Copenhagen summit and continue to seek. It leaves open the question of whether any of its measures, including emission cuts, will be legally binding.
"Overall, we've moved on from Copenhagen - we can leave that ghost behind - it's another mood, another tone," said Tara Rao, senior policy adviser with environmental group WWF.
"There's enough in it that we can work towards next year's meeting in South Africa to get a legally binding agreement there."
And Dean Bialek, an adviser to the Marshall Islands, described the draft deal as "a game-changer".
"The multilateral climate regime is now back on track," he said.
"A new legally binding deal to complement the Kyoto Protocol by covering all major emitters is now well within sight."
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