JAKARTA — Indonesia on Friday released the details of an eagerly awaited $1 billion deal to curb forest destruction and cut greenhouse gas emissions, but it faced criticism from environmentalists, who said the plan gave industry too much leeway for further clearing in key ecosystems.

The decree, signed by President Susilo Bambang Yudhoyono, commits Indonesia to a two-year moratorium on new permits to clear 64 million hectares, or 158 million acres, of virgin forest and carbon-rich peatland, putting into effect a funding agreement reached with Norway last year.

Originally slated for January, the moratorium was delayed for months as environmentalists and climate scientists pushed Mr. Yudhoyono’s administration to increase the amount of land off-limits to new development, while powerful industries and some government departments pushed back.

The plan has been promoted as a landmark step in tackling climate change by reducing deforestation, which accounts for nearly 20 percent of global greenhouse gas emissions. The approach, known as Reduced Emissions from Deforestation and Forest Degradation, or REDD, has been widely seen as a rare bright spot among stalled efforts to reduce worldwide emissions.