The U.N. Framework Convention on Climate Change announced during talks in Bonn, Germany, that 40 members agreed to design a green climate fund to oversee financing for developing countries to build a green economy.
UNFCCC Executive Secretary Christiana Figueres said in a statement the committee was a sign that the world was taking climate issues seriously.
"The transparent, predictable and adequate provision of finance in the long term is essential to ensure that the poor and vulnerable can build themselves a sustainable future in the face of climate change," she said.
The green fund is part of an agreement reached during talks in December in Cancun, Mexico, where industrialized countries agreed to mobilize $100 billion by 2020 to help developing countries.
"The high level of interest among governments in contributing to the design process is a demonstration of the great interest among parties in the green climate fund," Figueres said.
The funding committee has its first meeting next week in Mexico City.