The U.S., China, Brazil, India and South Africa reportedly reached a modest climate change agreement in Copenhagen late Friday that aims to keep global temperature rise below 2 degrees Celsius and address several other issues that had deadlocked the talks over the last two weeks.

"Today we've made meaningful and unprecedented breakthrough here in Copenhagen," President Barack Obama said in announcing the Copenhagen Accord, the New York Times reported. "For the first time in history all major economies have come together to accept their responsibility to take action to confront the threat of climate change."

But the weak deal, reached late Friday in the Danish capital, must still be approved by the 193 United Nations members. President Barack Obama characterized it as "meaningful," but many acknowledge it is insufficient in addressing climate change.

Some details of the Copenhagen Accord include:

• The U.S. will contribute $3.6 billion between 2010 and 2012, compared to $11 billion from Japan and $10.6 billion by the European Union.

• Language setting late 2010 as the date by which to conclude a binding international treaty was dropped.

• Nations must disclose national mitigation plans and emissions reduction commitments

• Developing countries must report efforts every two years to the U.N.

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