COP21: Five things you need to know about the Paris climate change draft agreement

Delegates from 190 countries announced they are on the verge of ratifying a draft deal promising to reduce world temperature rises to “well below” 2C.

Announcing the deal earlier this morning, French foreign minister Laurent Fabius said “the world holds its breath” as ministers prepare to either reject or accept the “historic deal”.

Principally they have agreed to keep the average temperature rise “well below” 2C above pre-industrial levels.

Vulnerable countries - like the Marshall Islands in Micronesia - pushed for a 1.5C limit but the draft deal only promises to make it a target rather than a pledge.

The other major concession to the vulnerable countries is the proposal for a review system where countries must submit their plans to tackle climate change individually and have them revised every five years.

But it also makes limited concessions to developing countries - acknowledging "urgent need to enhance the provision of finance, technology and capacity" and promote "universal access to sustainable energy" - particularly in Africa - with a focus on renewables.

The treaty still has to be ratified by every country taking part in the negotiations.

Environmental journalist and former advisor to the President of the Maldives, Mark Lynas, warned in a piece for the Independent on Friday that there is always “a last minute hitch” before the agreement.

He predicts there may be many more arguments about the terms behind closed doors which could result in a watered down deal.

After many false starts, the Paris treaty is the first major international agreement on climate change since the Kyoto Protocol was agreed in 1997.

For years, developing countries - in particular China - are perceived to have been holding up climate change talks due to fears about how it will affect their growing economies.

But a last ditched phone call between American President Barack Obama and Chinese President Xi Jinping on Friday is believed to have smoothed some of the way to getting the treaty agreed.

The main difference between this treaty and other that have gone before it is its scope.

In particular, the draft lays out plans to limit temperature rises till at least 2050 - which is more long term than has ever been agreed before.

It also promises to hold countries to account if they fail to meet the targets they set out their plans to reduce emissions during the 2020s.

It will also make rich countries give financial and technological help to developing countries to meet their environmental obligations - so they can continue to grow in a sustainable way.

Unusually this treaty is supposed to be "legally binding" and a clear framework has been drawn up to hold countries to account if they do not meet their targets.

But some environmental groups have denounced the proposals as "too weak and too late".

Crucially the draft deal only commits to keeping temperatures "well below" a 2C rise and only promises to try to reach 1.5C - the temperature vulnerable countries say needs to be achieved in order for them to "survive".

Oxfam's executive director Helen Szoke told the Telegraph the deal only "offers a frayed life-line to the world's poorest" and won't cut emissions fast enough.