Global climate deal imminent after significant progress

Confirmation this morning that Paris talks will go for an extra day thru Saturday

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Protest group urges decisive actions from world leaders who will gather in Paris for the 21st Conference of Parties (COP 21) of the United Nations Framework Convention on Climate Change. (AP Photo/Fernando Vergara)

Updated 07.30

Climate Change talks in Paris have been extended for another day, as negotiators near a deal.

Parties have agreed to hold the increase in average global temperature to "well below" 2 degrees and have pledged €100 billion in funding for developing nations.

Eleven days of talks in the French capital are now expected wrap up with a deal on Saturday - one day later than the original deadline.

Four major points yet to be agreed - how finance will be distributed, how countries will be given money in the event of loss or damage from climate change events, how will developing countries grow their economies without producing emissions and verification.

French Foreign Minister Laurent Fabius told French BFMTV that he would present a new compromise text of a deal to combat global warming on Saturday morning: "But the atmosphere is good, things are positive, things are going in the right direction".

Paul Melia, Environment Editor with The Irish Independent spoke to Newstalk Breakfast to explain: 

The deal is not yet done, but already campaigners say they are disappointed, with many describing it is a watered down version of what is needed.

Despite initial optimism at the start of this year's gathering, Head of Policy at Trócaire Lorna Gold says it seems to be more of the same:

"We are disappointed because it almost feels a little bit like Groundhog Day. The leaders really not prepared today to take the leap that we need in order to really make the transition to a carbon-free economy, to a world that is beginning to address climate change, which is beginning to bite, also back in Ireland."