Jonathan Webb
Science reporter, BBC News

There was celebration and grand rhetoric in the speeches that preceded this text. And today does promise to be historic, as the leaders declared.

A document that is expected to become the first truly global climate deal has just been released.

The French secretariat hopes it will be the final version - but they cannot guarantee it.

Their management of this meeting so far has been very astute, however. Most observers think Laurent Fabius and his team would not be calling this draft "final" if it faced any real risk of failure.

Nonetheless, we cannot be certain that the meeting now timetabled for 15:45 in Paris (14:45 GMT) will simply wave the deal through.

Many countries may want their point of view to be aired, even if they do not call for alterations to the document.

And it is worth remembering that this agreement simply enshrines a large and varied collection of individual national pledges. The UN's own assessment of those pledges was that they would not keep global warming below 2C.

So the future oversight of this deal, and the will to step up those pledges, are crucial.

As delegations here in Le Bourget pore over the fresh document just released, protesters in central Paris have been urging them not to draw "red lines" across negotiations and to find a vital compromise.

Image source, AP

Image source, AP

Image source, AP

David Shukman
Science editor, BBC News

What lies behind the passionate and much-applauded speeches by Laurent Fabius, the president of the conference, and Francois Hollande, the president of France?

Do they know something that we do not – that there is the real risk of failure? Is it possible that the behind-the-scenes bargaining has bumped into obstacles that are not merely national ‘red lines’ but are immovable concrete barriers?

It was revealing that both men mentioned a word that many at these talks have been trying to avoid: Copenhagen. That was the last big gathering on climate change, back in 2009, and its failure hovers like some bad spirit over this whole process.

The fact that Fabius and Hollande even brought it up is a sign of the challenges involved in getting this far.

So what’s next? The new French text is due at 13.30 local time (12:30 GMT) and then we see which countries are happy and which are not - and who is prepared to dig and keep talking in the hope of getting a better deal.

There were cheers earlier as French Foreign Minister Laurent Fabius announced that the overall goal written in the deal would be "continuing to have a mean temperature [increase] well below 2 degrees - and to endeavour to limit that increase to 1.5 degrees".

And the media centre is a hive of activity as journalists - just like the 196 national delegations - wait for the deal text to be released.

Matt McGrath
Environment correspondent, BBC News, Paris

According to Laurent Fabius, the draft agreement will call for a target warming limit of “well below” 2C. This will please small island nations.

But crucially, we don’t yet know if the language has been strengthened on how the world is to keep that temperature rise down. Many Gulf states were keen to see only woolly references to a fossil free future.

The issue of transparency became a major sticking point between the US and China. We will have to see the wording in the document, but sources say a compromise has been reached along the lines that a new system will apply to all countries - but the system itself will remain “unspecified” for now.

Laurent Fabius told the meeting that that the rich would provide finance worth $100bn a year from 2020, and that this figure would be a “floor”. It’s rumoured that the number itself has been moved out of the main agreement text and into the underlying decision text.

We are told this is because of legal niceties affecting the US but the moral commitment to maintain and increase this funding certainly remains. 

Also of particular interest is the review mechanism – the method by which the commitments of countries will be assessed against the temperature targets in the future.

“Crucially, countries will review their existing commitments before they come into force in 2020,” said David Nussbaum from WWF.

Thereafter there will be a review in 2023 and new commitments in 2025, and every five years from there on.

Indian minister Prakash Javadekar said the speeches were good but the delegations needed their chance to study the text.

When asked whether India was happy when French president said that it was a differentiated text, he said that many good things were said.

He did not comment further.

Roger Harrabin
BBC environment analyst

Brilliant speech by Laurent Fabius, the French foreign minister and chair of this summit.

He will go down in history of one of the great diplomats if he pulls off this extraordinary deal, affecting the politics and economics of every nation in the world.

Mr Fabius has used first-name terms with delegates throughout, to create the atmosphere of a family trying to solve a common problem.

His “Indaba” sessions, based on a Zulu meeting of chiefs, were a procedural masterstroke – and nodded to South Africa, which leads the often argumentative "G77" bloc of developing countries.

Now this inspiring finale, again referencing Africa with a quote from Mandela, and specifically tickling small island states, South America and fossil fuel dependent states – all likely fonts of objection.

Clever, clever stuff.

Laurent Fabius, COP21 president, told the delegates that the final agreement wouldn't be ready for another hour or so.

We can expect long, tense queues at the document desks - and a rush on the UNFCCC website, external - when it lands.

Mr Fabius will reconvene the conference at 15:45 Paris time (14:45 GMT) to take the necessary legal steps to adopt the deal.

In the meantime, in the honourable French tradition, he suggested everyone should have lunch!

Image source, BBC/UNFCCC

As a reminder: the 'final draft' text was written last night after three consecutive nights of negotiations.

It was then translated into the UN's six official languages in the small hours of Saturday.

It will be distributed when these speeches conclude.

It will then be the job of the 196 assembled delegations to decide whether or not they accept it.

President of France Francois Hollande thanks the delegates for putting life back into the idea of global co-operation. There's only one question he said: "Do we want an agreement?"

The conference has to take the last step he said praising the text as ambitious but realistic.

Image source, BBC/UNFCCC

All the journalists present here at the conference are crowded around every available screen to watch and take notes on these speeches.

UN Secretary General Ban Ki-moon is now addressing the meeting, after a stirring speech by Laurent Fabius. 

This is a defining moment, Mr Ban said. 

The document is historic. 

The president of COP21 is still addressing ministers and negotiators - and all those watching around the world.

Mr Fabius has called on the country representatives to "bear in mind what our heads of state and goverment have said loud and clear during the start of the conference".

There was a loud standing ovation as he handed the floor to UN Secretary-General Ban Ki-moon.

Image source, BBC/UNFCCC

Laurent Fabius told the meeting that "nobody wants a repeat of Copenhagen  - Copenhagen with more police".

As he urged the delegates to accept the draft, he said this was a last chance. 

"Today if we fail, how could we rebuild this hope."

Laurent Fabius says the draft text will be released at the end of this meeting.

There is sustained applause as he recognises the chair of the previous Conference of the Parties (COP) in Lima, 2014 - Peru's Manuel Pulgar Vidal.

Image source, BBC/UNFCCC