The document says vulnerable nations must get more help to cope with the deadly impacts of global warming.
It also says countries should submit long-term strategies for reaching net-zero by the end of next year.
Critics have said the draft pact does not go far enough but others welcomed its focus on the 1.5C target.
The document, which has been published by the UK COP26 presidency, will have to be negotiated and agreed by countries attending the talks.
COP26 president Alok Sharma said he expected “near final texts” to be published overnight, adding that the agreement that comes out of the conference would “set the future for our children and grandchildren”.