Joke Schauvliege, Flemish Minister for Environment, Nature and Culture, who represents the Belgian presidency of the Council of the European Union at Cancún, said: " The EU has worked tirelessly to be a bridge-builder in Cancún while also advancing its positions. The EU has reported transparently on the progress it has made in mobilising the 7.2 billion euros of fast-start funding it has pledged over 2010-2012 and we will continue to do so on an annual basis. We congratulate the Mexican Presidency on conducting an exemplary conference."

The Cancún Agreement builds on the decisions taken a year ago in Copenhagen and also sets out processes for making further progress in the future. It represents a well balanced compromise between different interests within the United Nations system. Key elements of the package include:

• Acknowledgement for the first time in a UN document that global warming must be kept below 2°C compared to the pre-industrial temperature, and establishment of a process to define a date for global emissions to peak and a global emissions reduction goal for 2050 ;

• The emission pledges of developed and developing countries have been anchored in the UN process and a process set out to help clarify them. The text also recognises that overall mitigation efforts need to be scaled up in order to stay within the 2°C ceiling;

• Agreement to launch a process to strengthen the transparency of actions to reduce or limit emissions so that overall progress can be tracked more effectively;

• Confirmation of the goal that developed countries will mobilise US$ 100 billion in climate funding for developing countries annually by 2020, and establishment of a Green Climate Fund through which much of the funding will be channelled;

• Agreement on the Cancún Adaptation Framework to enhance action on adaptation to climate change;

• Launch of a "REDD+" mechanism enabling action to reduce emissions from deforestation and forest degradation in developing countries;

• Agreement to consider setting up new carbon market mechanisms going beyond a project-based approach;

• Establishment of a Technology Mechanism, including a Technology Executive Committee and a Climate Technology Center and Network, to enhance technology development and transfer;

• Establishment of a clear process for reviewing the adequacy of the goal of keeping global warming below 2°C, including consideration of strengthening the goal to 1.5°C, to be concluded in 2015;

• Extension of the work of the ad hoc working groups under the UN climate change convention and the Kyoto Protocol for a further year while leaving open the legal form of the eventual outcome of the negotiations.