UN Secretary-General António Guterres said on Sunday that he had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build, he added.

“It must be honored in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met,” the UN chief said.

US President Joe Biden on Sunday welcomed the financial agreement reached at COP29. “While there is still substantial work ahead of us to achieve our climate goals, today’s outcome puts us one significant step closer," he said in a White House statement.  

UK Energy Secretary Ed Miliband has called a financial package for developing nations a “critical 11th-hour deal at the 11th hour for the climate”. Miliband  said, “we will keep up the pace, working with other countries before the world meets again in Brazil for COP30. Only by doing this can we keep future generations safe and reap the benefits of the clean energy revolution.”