The UN climate conference at Cancun reached a compromise to set up a 100 billion Dollar Green Fund to fight global warming. The fund is intended to assist poorer nations with low carbon development and protective measures against the effects of global warming. Environment Minister Jairam Ramesh said, the major emerging economies — Brazil, South Africa, India and China – BASIC have welcomed the decision. He said they are very happy with the text and Cancun represents an important step forward. He said that many of India's contributions have been incorporated in the text. The minister pointed out that under the current text, developed countries are subject to stricter scrutiny on their mitigation cuts than developing countries. He also highlighted that no peaking year for carbon emissions has been mentioned in the draft nor a global emission reduction goal set for 2050. Everyone, however, appreciated the efforts of Mexican Foreign Secretary Patricia Espinosa, who worked for two weeks to ensure transparency in the process and help countries work through their differences.