The United Nations conference on climate change in Paris has agreed an historic new global climate agreement.

For the first time ever 195 countries, including the world’s largest emitters, have now committed to act together to combat climate change and be held equally accountable.

The deal marks a clear turning point –the countries will now have to come together regularly to review their climate plans and collectively ensure that the necessary action is being taken to tackle climate change. Before and during the Paris conference, countries submitted comprehensive national climate action plans to reduce their emissions.

The governments have agreed a long-term goal of keeping the increase in global average temperature to well below 2°C above pre-industrial levels and to aim to limit the increase to 1.5°C.

The agreement calls for global emissions to peak as soon as possible, recognising that this will take longer for developing countries and to undertake rapid reductions thereafter in accordance with the best available science.

While the sum total of the 185 intended nationally determined contributions prepared in advance of the Paris conference are not yet enough to keep the world below 2°C by the end of the century, the agreement traces the way to achieving this target.

The agreement sets out a clear long-term goal of net zero emissions by the end of the century, showing that the world is committed to decarbonising. Progress against this goal will be independently assessed in 2018 and every five years thereafter.

In 2020, countries will be expected to update their plans to cut emissions by 2030. Countries will also be legally obliged to make new post-2030 commitments to reduce emissions every 5 years, from 2025. For the first time, all countries will be held accountable by independent review for acting according to their pledges. A robust transparency and accountability system will be put in place to track progress towards the long-term goal.

All developed countries will collectively mobilise $100 billion per year from both the public and private sector, to help the poorest and most vulnerable countries to protect themselves from the effects of climate change and support low carbon development.

The Paris Agreement also features a standalone article dealing with the issue of loss and damage associated with the impacts of climate change. Countries also acknowledge the need to cooperate and enhance the understanding, action and support in different areas such as early warning systems, emergency preparedness and risk insurance.

The International Energy Agency has said that trillions of dollars will need to be invested in energy and efficiencies and low carbon renewable energy technologies, including hydropower, , reaching at least $400 billion in 2030 in order to stay within 2C of warming.

Energy production and use account for around two-thirds of global greenhouse gas (GHG) emissions.

Renewables accounted for nearly half of the growth in global electricity generation capacity in 2014, delivering a record-high 130 gigawatts of new capacity around the world. Energy efficiency regulations now cover 27% of the world’s energy consumption - up from 12% in 2005.

Click here to read the final agreement in full