The International Whaling Commission proposed allowing the first legal commercial whale hunts in 25 years, ending an outright ban that had many exceptions.
Japan, Norway and Iceland continued whaling under those exceptions. The proposal released late last night would replace the ban with strict quotas and would let the group strictly monitor all whaling.
The proposal is an attempted compromise between whaling nations and others such as the US and Australia, which have long been staunchly opposed to whaling.
The commission argues that allowing whaling under strict quotas would be an improvement to the current hunts, over which it has no control.
The proposal allows 400 minke whales to be hunted in the Antarctic each year for five years, then lowers that limit to 200 for the next five years. It also allows limited hunts of other species, including fin, bowhead and grey whales in specific regions.
Environmental groups were quick to criticise the proposal, which they say could lead to an eventual return to the large-scale whaling of the past, which devastated many species.
New Zealand Foreign Minister Murray McCully said the IWC's proposal does not deliver what New Zealand wants - that it must be significantly better than the status quo and meet the country's commitment to end whaling in the southern ocean.
"The catch limits proposed in the southern ocean are unrealistic. The proposal to include (endangered) fin whales in the southern ocean is inflammatory. New Zealanders will not accept this," he said in a statement.
On the front lawn of New Zealand's Parliament, about 100 Greenpeace anti-whaling protesters Friday held black whale-tail placards aloft with "RIP?" written across them in white letters.
Greenpeace New Zealand executive director Bunny McDiarmid condemned the plan.
"If it doesn't lead to an end of whaling, particularly of commercial whaling and whaling in the southern ocean whale sanctuary, it's not good enough," Mr McDiarmid said.
"Reaching a deal will require that countries on both sides of the divide suffer some pain - but at the moment the proposal that's on the table looks as though the whales are carrying most of the pain," she said.
The IWC is preparing for a general meeting in June, on which it will debate and vote on the proposal. In February, an earlier proposal included a return to commercial whaling, but had few specifics.