In a 49-page draft formulated on sustainable growth, environment experts have urged government and other stakeholders to swiftly implement the agreement at the Rio+20 summit.
One of the major themes of the conference was the concept of "green economy," or improving human well-being and social equity while reducing environmental risks.
Chairman of the intergovernmental panel of climate change, Rajendra K. Pachauri told reporters on Thursday that the leaders of the world should take steps to create a green economy.
"There was huge expectation that the world would really move towards sustainable development. But today we know a lot. However, we are not making the best use of that knowledge," Pachauri observed.
He added that the draft document would comprehensively cover all the aspects of sustainable development.
"I think what we have is a document which is comprehensive, which covers all the aspects of sustainable development on what should be done towards creating a green economy. There is also fair amount of reference to climate change. So, I think it is now for different stakeholders; it could be government, businesses, civil society, research and academic organisations to pick up the pieces of everything that there is in this final document and implement it as effectively as possible," he said.
The event, which drew representatives from 190 countries, is supposed to produce a series of political agreements to improve living standards, while protecting the environment.
Compared with the original Earth Summit, organisers say this week's summit is only the beginning of a new goal-setting process for global development. The 1992 event, they noted, was the culmination of years of negotiations.
Pachauri added that major changes have taken place across the world in the past two decades with regards to the environment.
The draft document was finalized on Tuesday and it laid out aspirations on issues like food security, water, and energy. It also called for countries to pursue 'sustainable development goals,' a set of U.N. objectives built around the environment, economic growth, and social inclusion.
Many of those who agreed upon the draft, however, say it was stripped of vital specifics.
The head of the Centre for Science and Environment, Sunita Narain highlighted the weakness of the Rio document and added that there was an urgent need to take action with an aim to protect the environment.
"The world has not gained because the Rio Declaration. The Rio document is too weak. It does not have any substance in it. So, whereas we have managed to make sure that we have got equity in it we have not got what else we should have got what the world needs today which is an urgent need for action," Narain said.
Narain added that the need of the hour was to take steps to reduce carbon emission.
"I think it is delusion that we should come to summits like this and ask for money. We know very clearly that the international community has reneged on every commitment for money and technology. What is very clear today the summit like Rio should have asserted the fact that we believe that the western consumption and production patterns are unsustainable for the world," she said.
The environmentalists also said that the governments need to better assess the threats of climate change and understand that they did not have to choose between development or tackling global warming.