The United Nations weather agency's announcement on Dec 3 that 2014 is on track to be the hottest year on record is adding urgency to the ongoing climate change talks in Lima, Peru.

Delegates from 196 countries started a new round of climate change talks in Lima on Dec 1 with the goal of hammering out a draft global agreement on emissions reductions to be signed in Paris at the end of next year.

"The two-week Lima conference will be a key step toward a successful outcome in Paris," says Su Wei, China's chief climate negotiator and director-general of the Climate Change Department under the National Development and Reform Commission, in Lima.

China hopes the Lima conference will lead to a 2015 agreement that reflects the principle of common but differentiated responsibilities and fairness, Su says.

The Chinese government hopes parties can accelerate pre-2020 actions. Developed countries should advance action before 2020 and provide funding, technology transfers and capacity building as promised to developing countries, Su says.

According to the conference's agenda, countries will propose their contributions to the planned 2015 agreement in the form of so-called intended nationally determined contributions by the first quarter of 2015.

Negotiators and observers said the joint climate announcement made by China and the United States earlier this month and the target recently announced by the European Union have "injected positive impetus into negotiations".

European Commission chief negotiator Elina Bardram said on Dec 1 that the EU welcomed the Nov 12 announcement made by the US and China.

It's a "very positive" deal and it's allied to the agreement the EU reached on Oct 24, said Bardram, calling on other major economies to "be a part of the game and do it on time".

In the Nov 12 announcement, China said it intends to peak its carbon emissions by 2030 while the US said it would cut emissions to 26 to 28 percent below 2005 levels by 2025.

European Union leaders reached an agreement to cut the bloc's carbon emissions by 40 percent by 2030 from 1990 levels.

"This joint announcement provides both practical and political momentum towards a new, universal climate agreement in Paris in late 2015," said Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change.

More economies are expected to take further action. Germany's cabinet approved a new plan on Dec 3 to further slash carbon emissions by 78 million tons to meet its ambitious target of achieving a 40-percent drop in emissions by 2020 from 1990 levels.

Zou Ji, deputy director-general of the National Center for Climate Change Strategy and International Cooperation, says the intended contributions should contain financing and adaptation measures.

He says developed countries are sending positive signals by putting long-awaited funds on the table to support developing countries addressing climate change, though further commitments are expected.

Developed countries have pledged $9.7 billion to the UN's Green Climate Fund, but the amount remains too small compared to their promise to mobilize $100 billion per year in climate finance by 2020, Zou says.

Green Climate Fund officials confirmed on Dec 3 that it will be ready to receive proposals by June 2015.

A UN report on climate finance said that between $340 billion and $650 billion in funds for climate change action is flowing globally and about $40 billion to $175 billion is being channeled to developing countries each year.

Jan Kowalzig, climate change policy adviser for Oxfam, says the report on climate finance makes one thing abundantly clear: Only a small proportion of climate funds is flowing from developed countries to developing countries.

"What we do know is that current flows of finance are inadequate to keep warming below 2 C and negotiators here in Lima need to put a roadmap in place for how developed countries will meet their $100 billion promise by 2020," Kowalzig says.

lanlan@chinadaily.com.cn