Paris Climate Talks: Deal Unveiled, World Leaders Aim To Keep Temperature Rise 'Below 2C'

UPDATE: 1:30 p.m. EST -- Nearly 200 countries agreed Saturday on a global deal to fight climate change.

UPDATE: Noon EST -- The Bloc of 134 developing nations as well as India, China and Saudia Arabia signaled their approval of the agreement, Agence France-Presse reported.

UPDATE: 11:45 a.m. EST -- The U.S. said Saturday it would sign on to the climate accord, the Associated Press reported.

Original story:

Details of a U.N. climate change action plan revealed Saturday that the deal aims to maintain global warming to "well below 2C." The landmark draft was presented to international delegates in Paris after two weeks of negotiations.

French Foreign Minister Laurent Fabius said Saturday the final draft of the deal was fair and would be legally binding. "It's my deep conviction that we have come up with an ambitious and balanced agreement," he said at the Paris summit. Fabius also confirmed that at least $100 billion in climate financing will be provided for developing countries by 2020 to help curb emissions.

French president Francois Hollande called on the attending nations to adopt the “first universal climate change agreement." He also said: “We have to do everything possible to stay below 1.5C. ... we won’t be judged by words but by acts."

If approved, the deal would be the first since the 1997 Kyoto Protocol between world leaders to limit emissions that are driving up global temperatures. An earlier attempt to counter climate change in Copenhagen in 2009 dissolved in finger pointing about who should take action first.

Officials from 195 nations were reportedly locked in negotiations through Friday night, seeking to resolve the final differences on the way to phase out carbon emissions later this century, as well as the frequency of further negotiations to evaluate progress.

The draft is not yet a done deal as it will only be adopted if there are no objections raised at Saturday's ongoing ministerial meeting. Getting a unanimous approval from all member countries has proved to be challenging as the draft calls for different restrictions on different countries, depending on their wealth and level of development.