Global Climate Summit Reaches Historic Agreement on Emissions

World leaders at the Global Climate Summit have reached a historic agreement to reduce carbon emissions by 50% by 2030. The landmark deal, signed by 195 countries, represents the most ambitious climate action plan to date.

The agreement includes binding targets for developed nations and financial support for developing countries to transition to renewable energy sources. "This is a turning point in our fight against climate change," said UN Secretary-General in his closing remarks.

Key provisions of the agreement include:

- 50% reduction in carbon emissions by 2030

- Complete phase-out of coal power in developed nations by 2035

- $100 billion annual fund to help developing nations

- Carbon pricing mechanisms to be implemented globally

Environmental groups have cautiously welcomed the agreement while emphasizing the need for immediate action. "The targets are ambitious, but implementation is what matters now," said the director of Greenpeace International.

The agreement will take effect in January next year, with the first progress review scheduled for 2025. Countries will be required to submit detailed action plans within six months.