DUBAI—Governments from around the world agreed to a global transition away from "fossil fuels," greater limits on energy use, and a new fund to compensate governments of poorer nations for alleged damages caused by CO2 emissions from wealthier countries.

The outcome follows two weeks of negotiations at the United Nations climate summit held in the oil-rich United Arab Emirates.

The deal, adopted by consensus of the nearly 200 governments in attendance, is being framed by U.N. officials as a turning point for the world.

Critics, however, are sounding the alarm, saying the agreement and the broader process threaten both prosperity and liberty while doing little to nothing for the environment.