World leaders at the climate change summit in Paris released the final draft of an ambitious agreement that aims to drastically reduce greenhouse gas emissions in order to save planet Earth.

French Foreign Minister Laurent Fabius, who is heading the United Nations conference, described the draft accord as "fair ... and legally binding," reports CNN.

Under the deal, which would be known as the Paris Agreement if approved, each country would commit to keeping temperature increases "well below 2 degrees" (3.6 degrees Fahrenheit) above pre-industrial temperatures, while the ultimate goal is to maintain a 1.5 degrees Celsius cap, if possible, reports The Washington Post.

According to Fabius, the deal would "make it possible to reduce the risks and impacts linked to climate change."

Now, diplomats from 196 countries are preparing to meet later Saturday afternoon to vote on adopting the pact, which would halt the rapid growth of carbon emissions in the atmosphere and help curtail a dangerous warming of the planet.

Those participating in the negotiations hailed the draft as a milestone in the battle against climate change.

"Today we are close to the final outcome. It is my deep conviction we have come up with an ambitious and balanced agreement," said Fabius.

"In this room you are going to be deciding on an historic agreement," Fabius told delegates from the nearly 200 nations gather in Paris. "The world is holding its breath. It counts on all of us."

The draft is also being praised by American environmental groups and activists like Environmental Defense Fund Vice President Nat Keohane, who said, "We see the key elements that we've always said we needed for a strong agreement. We see good ambition, and we see ambition that all parties are to undertake effort to meet."

Likewise, John Coequyt, the Sierra Club's director of federal and international climate campaigns, said the deal includes "all the core elements that the environmental community wanted," reports Time.

Meanwhile, Rhea Suh, president of the Natural Resources Defense Council, said, "This agreement sets us on a course of verifiable gains we can build on over time. It provides real protection for people on the front lines of climate chaos. It speeds the global shift away from dirty fossil fuels and toward cleaner, smarter energy options to power our future without imperiling our world."