The United Nations members have agreed to reach an "ambitious agreement" by 2015 that would reflect "different responsibilities and respective capabilities" of each nation in order to tackle climate change.
The dialogue proved to be difficult due to divisions between rich and poor countries on how to spread the burden of cutting down carbon emissions. However, an agreement was reached when the delegates decided that developed nations would provide financial support to "vulnerable" developing nations, reported the BBC.
The member states are also expected to set targets for themselves that go beyond their "current undertaking."
The two-week-long dialogue in Lima, Peru got extended by two days due to divisions over the draft text.
Environmental groups have however, reacted strongly to the deal by terming it "an ineffectual compromise" while, the European Union (EU) said that it was a significant step towards achieving a global climate deal next year in Paris.