The final draft text was released at 1:30 p.m. Paris time. After breaking for a very French two-hour lunch, the parties are expected to reconvene to (hopefully) adopt the agreement.
A few key highlights:
- The deal includes a target of holding global temperatures to “well below 2 °C above pre-industrial levels” but with a goal to “pursue efforts” to limit the temperature increase to 1.5 °C.
- Countries will review their plans to curb carbon emissions every five years, starting in 2023, with the goal of ramping up their ambitions over time.
- On the issue of “loss and damage”—a key issue for the most vulnerable nations, in particular—the agreement does not provide any basis for liability or compensation. This was apparently a major sticking point for the U.S.
- The agreement establishes a goal of raising $100 billion annually by 2020 to help countries pay for climate adaptation.
You can follow all of our coverage the the Paris climate talks here.