After marathon talks, negotiators reached a deal that was, until the final hours, in serious doubt.
The agreement papers over deep divisions, but its supporters insist that a flawed deal beats no deal at all.
Critics note that the toughest commitments were, once again, deferred.
A deal against the odds
Implementation, everyone agrees, is where the real fight begins.
"History will judge us on what we do next, not on this text."
Analysts point to a handful of forces driving the story forward:
- New emissions targets, softly enforced
- A fund for vulnerable nations
- Timelines that stretch into the next decade
The ink is dry; the hard part is only beginning.