Updated | 195 nations agree to keep temperature rise under 2C

France has submitted a draft deal to delegates at the UN climate change conference (COP 21) aimed at curbing emissions of the heat-trapping gases that threaten to wreak havoc on Earth's climate system.

Describing it as "a historic accord", French Foreign Minister Laurent Fabius said on Saturday that the agreement would aim to limit warming of the planet since the Industrial Revolution to "well" below 2.0 degrees Celsius and strive for an even more ambitious goal of 1.5C.

"Our responsibility to history is immense," Fabius said.

The draft agreement aims to transform the world's fossil fuel-driven economy within decades and turn the tide on global warming.

Martin Kaiser of Greenpeace, speaking before the text was released, said there had been disagreements over how and when to phase out fossil fuels and issues such as financing.

"There's been a lot of discussion whether the long-term goal will give a clear signal to phase out fossil by mid-century or is there a risk that it will be much later?" he said.

"There have been also a lot of arguments about the financing package because it was quite clear that for the US and for Europe it's such a big step forward which is hardly to believe they will do it.

"So everything seems to be sorted but we don`t know yet whether it's a good one or a bad one."

It now needs to be approved by delegates from 195 nations participating in the conference in the French capital.

Fabius called it an "ambitious and balanced" agreement that would mark a "historic turning point" for the world.

The deal would also mean mobilising a minimum of $100bn a year from 2020 to help the developing world cope with global warming, he said.

Importantly, a new figure for the financing would be set by 2025, Fabius said.

Fabius said the overall agreement would be "legally binding".

UN Secretary-General Ban Ki-moon pressed the world's envoys to approve the pact.

"The end is in sight. Let's now finish the job. The world is watching," he said. "Millions of people depend on your wisdom."

French President Francois Hollande, who joined the meeting on Saturday, called the proposal unprecedented.

“The decisive agreement for the planet is here and now,'” Hollande said. "France calls upon you to adopt the first universal agreement on climate.''