Paris Agreement: Negotiators Strike Climate Change Deal

Negotiators from 195 countries and the European Union agreed Saturday to a historic plan to slow global warming in a last-minute push during the 10-day talks.

Most of the 195 countries pledged to shift their sources of energy from fossil fuels to clean, renewable energy, with the hope of averting dangerous climate effects.

After the final overnight negotiating session, French Foreign Minister Laurent Fabius, the president of the conference, presented delegates with the final text, he banged the gavel, finalizing the agreement on a plan to slow global warming that came out of the Conference of Parties to the U.N. Framework Convention on Climate Change, or COP21.

"Nobody will get 100 percent of what they want," Fabius said. "What I hope is that everyone remembers the message of the first day, when 150 heads of state and government came from all around the world to say, 'The world needs a success.'"

Forging the agreement required negotiations at the highest levels, including a Thursday call by President Obama to China's President Xi Jinping, which followed earlier calls to Indian Prime Minister Narendra Modi and Brazilian President Dilma Rousseff.

Janos Pasztor, the U.N. assistant secretary-general on climate change, told CBS News the plan would "send a strong signal to the markets ... and private sector" that the world is moving "to a low-carbon, low-emissions world, so investing in new technology is the way to go."

"What it means is, for example," Pasztor said, "is get your act together, oil and gas industry, and develop these carbon capture storage systems."

The ultimate goal is zero emissions, though for some time to come, he added, it will still be "perfectly OK to continue oil and gas."

U.N. Secretary-General Ban Ki-moon said that 186 countries -- representing close to 100 percent of global carbon emissions -- had submitted their national climate plans. "This is quite encouraging," he said, adding that municipal and business leaders as well as civil society organizations were also at the conference to play a role.

The agreement's success will be judged on its ability to convince the world's investors that the intent to shift energy profiles from fossil fuels to renewables is real.

"I have absolute confidence in the ability of capital to move where the signal of the marketplace says 'go' after Paris," U.S. Secretary of State John Kerry said to the "Earth to Paris" summit earlier in the week.

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