The implications of the Paris agreement for businesses and consumers in EU must now be clearly spelt out, say Conservative MEPs.
The binding agreement commits nations across the globe to keeping temperature rises to well below 2C, with an aspiration of 1.5C.
It also commits the developed world to provide $100bn every year from 2020 to help developing countries deal with the impact of climate change.
Dr Ian Duncan MEP, who attended the COP21 talks said:
"The Paris agreement will change the world in which we live in.
"Everything from how we heat our homes to how we fuel our cars and power our industries will feel some impact from the deal.
"However the commitment to keep the world's temperature check to well below two degrees may have significant ramifications for EU climate legislation and targets.
"We now need the European Commission to come forward and spell out those implications. What will this deal - which the Commission was so keen to sign - mean for Europe's industries and consumers?
"Every solution costs money, and ending fossil fuel dependence is no easy task. But the consequences of failure do not bear thinking about."
To watch Ian Duncan's full speech, click here selecting "17.18 Duncan, Ian".