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It was also decided to convene Ministerial meetings on long-term finance every two years for the period 2014-2020. These meetings should provide political impetus to the discussions.

Additionally, the Green Climate Fund is open for business and will begin its initial resource mobilization process in the middle of 2014. These sets of decisions represent important progress towards successfully concluding a universal deal in 2015 that responds to science and protects the most vulnerable. In addition, governments concluded work which pushes forward ongoing efforts to address climate change.

Governments agreed on a set of decisions on ways to reduce emissions from deforestation and forest degradation. The decisions are the culmination of 7 years of work, and their agreement comes as a clear breakthrough for action on climate change.

Global deforestation accounts for some 20 percent of the world's CO2 emissions. The set of decisions bolsters forest preservation and sustainable use of forests with direct benefits for people who live in and around forests.

The package provides a foundation for the transparency and integrity of actions and clarifies the coordination of support.

It establishes the means for results-based payments if developing countries can demonstrate the protection of forests. For this purpose, the package is backed by initial pledges of USD 280 million.

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This will also provide confidence to donors and investors who are potentially interested in financing nationally appropriate mitigation actions .

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