The climate change agreement in Paris can truly be considered a historic turning point, as it embeds climate action in the heart of the political agreement.

It is the first global deal on climate change, the first time that 195 countries have managed to agree to decouple their economic growth from fossil fuel.

When it comes to leadership in climate action the Paris agreement confirmed that such an initiative should be taken by developed countries. However, it also clear that the world is willing to act together as one and that all countries have a common direction, even though different states evolve at varying speeds.

The deal contains a clear long-term greenhouse gas emissions reduction goal supported by a mechanism that raises the bar every five years. This is expected to send a very strong signal to businesses and investors regarding which technologies to invest in.

For the first time, there is also a predictable framework for new ‘climate finance’. The availability of such funds provides assurances to less developed countries along with direction on the need to eliminate dirty energy and invest in renewables, clean energy and transport in the coming decades.

More than ever before, this ambitious agreement is a clear and much-needed sign that there is still hope and that a better, greener world is still possible. Among progressive European leaders one may note a pronounced sense of ur-gency and a strong need for a global deal. It is the merit of such leaders that we are filled with confidence that the escalating climate crisis can be tackled. If nothing else, we owe this to our children and grandchildren – to inherit a liveable planet with a cleaner future.

This global and universal climate deal recognises the need for an effective, coherent response to the urgent threat of climate change. We need to kickstart effective change in our social, economic, energy and transport systems nationally, regionally and globally.

Paris managed to unite all countries and resolve to take action together

Expectations in the months running up to the Paris COP21 summit were very high. We repeatedly heard statements that the new climate agreement must show real solidarity with those most exposed to climate impacts. Simultaneously, we envisaged an agreement that imbues a strong spirit of compromise, good faith and support from the developed nations to the least developed countries and small island states, since these are particularly susceptible to the adverse effects of climate change.

The president of COP21, French Foreign Minister Laurent Fabius, announced a deal he described as being “a major leap for mankind”. It is a deal which aims to be ambitious, balanced, fair, universal and legally binding, and to limit global warming to well below 2°C – to work towards 1.5°C, which is more ambitious than many would have thought just a few years ago.

Through the accord, the world seems to be sharing the vision that fossil fuels are a thing of the past and the future lies in renewables and technologies that support them. The agreement was convincingly reached and shows that governments and investors understand that fossil fuels risk the future of the planet. Furthermore, the deal also underlines that we need a stable climate to be able to eradicate poverty and see real prosperity.

Was COP21 successful?

I believe it was successful in that Paris managed to unite all countries and resolve to take action together. Elements of the agreement are legally binding and it represents unmatched levels of cooperation, which saw governments, cities, regions, businesses and campaigners coming together.

However, this is only the beginning and more needs to be done. It is vital that countries ratify this agreement so that what was decided comes into force. Moreover, the current national commitments, known better as INDCs, need to be updated: as they stand today, they are not sufficient to achieve the 1.5°C target. It means we require credible plans to decarbonise our economies and protect the most vulnerable from the devastating impacts of climate change.

The final draft of the Paris agreement recognises the fundamental priority of safeguarding food security and ending hunger and the particular vulnerabilities of food production systems. At the same time, it defines differentiated responsibilities in the light of national circumstances. It recognises the specific needs of developing countries and takes full account of the special situation of the least developed countries, particularly with regard to funding and transfer of technology.

COP21 has brought about a good agreement, which needs to be further developed and supported. The new accord requires action from every country, developed, emerging or developing and underdeveloped.

It is essential that certain details are elaborated upon while certain elements are strengthened. What is different this time round is that we have a robust agreement, which lays a solid foundation for a more stable and better climate.

I hope that, in the months and years to come, Paris will be seen as a transformational moment and will bring real change around the world.

Miriam Dalli is a Labour MEP.