Politicians at the World Economic Forum in Davos have vowed to reach a “substantial” deal on climate change.

The world’s leaders will meet in Cancun, Mexico, later this year - after a disappointing conclusion to talks in Copenhagen last month.

Mexican President Felipe Calderon acknowledged that there were “low expectations” for Cancun.

But he said: “Our objective is to reach a robust, substantial and comprehensive agreement”.

He stressed that the economic costs associated with tackling climate change would be central to the challenges facing governments.

In a response that contained a number of “ifs” he said, “If we can find an economic mechanism … we will be on track.”

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Last December’s talks in Copenhagen failed to end in a legally binding agreement by the 193 member states of the United Nations.