In Paris, nearly 200 nations seal 'historic' climate change deal

After two weeks of rigorous negotiations, a legally-binding pact seeking to limit global warming to below 2 degree Celsius - will come into effect from 2020 - reached after nearly 200 countries reached a landmark deal to fight global warming and accepted the final draft of an ambitious 'climate change agreement' here last night.

On the crucial financing issue, though developed countries agreed to muster at least 100 billion dollars a year from 2020 to help developing nations, it was not included in the legally binding section of the deal following objections by the US.

French Foreign Minister Laurent Fabius announced that the Paris agreement has been adopted, marking consensus among the ministers, who stood for several minutes to clap.

The deal ended decades-long rows between rich and poor nations over how to carry out a multi-trillion-dollar effort to cap global warming. The pact, which is partly legally binding and partly voluntary, is the first to commit all countries to cut carbon emissions. Key blocs, including G77 group of developing countries, and nations such as India and China supported the proposals.

Welcoming the deal, Environment Minister Prakash Javadekar said, "Today is a historic day. What we have adopted is not only an agreement, but we have written a chapter of hope in the lives of 7 billion people."

Environment groups said the Paris agreement is a turning point in history and spelt the demise of the fossil fuel industry, pointing particularly to the significance of the 1.5 degree Celsius goal.

US President Barack Obama called the accord "huge", and touted US leadership in reaching the agreement.

International Monetary Fund chief Christine Lagarde hailed the accord as a critical step forward for addressing global climate change in the 21st century. In a statement, Lagarde said her key message is to price carbon right.