Global climate change deal agreed in Paris

The new climate change deal that was agreed in Paris over the weekend has been hailed as a "historic milestone" for the global energy sector.

The International Energy Agency, which has estimated the climate pledges will require investment of $13.5trn in the next 15 years, said the agreement would result in big changes for the industry around the world.

The IEA said: "The Paris Agreement is nothing less than a historic milestone for the global energy sector. It will speed up the transformation of the energy sector by accelerating investments in cleaner technologies and energy efficiency.

"Driving even stronger action to lower emissions while supporting continued economic growth and expanding energy access will require greater engagement and effort by all."

Under the United Nations agreement, energy policies across the globe will be dramatically altered and enormous funds will be spent on lowering pollution levels.

According the agreement, developed countries as defined by the 1992 UN Framework will have to raise $100bn annually to support developing nations achieve their climate change targets.

Other terms of the deal include monitoring of progress every five years from 2023, targeting greater emissions cuts and reduce global warming to less than 2°C.

The Confederation of British Industry's director-general said the deal "heralds an exciting opportunity for business".

Carolyn Fairbairn continued: "Businesses will want to see domestic policies that demonstrate commitment to this goal and none more so than in the UK."