They also reached a consensus on the international carbon market mechanism under Article 6 of the Paris Agreement.

UN Secretary-General Antonio Guterres said Sunday that he had hoped for a more ambitious plan, on both finance and mitigation, to meet the scale of the great challenge the world faces. He urged governments to honor the agreements in full and on time. The arrangements are expected to lay the groundwork for developing countries to undertake climate action and submit a new round of nationally determined contributions next year.

US President Joe Biden praised the agreement, calling it a major step forward in tackling global warming. British Energy Secretary Ed Miliband described it as a critical 11th-hour deal for the climate. He noted that if used effectively, the 300 billion USD annual funding could cut emissions equal to those of 1 billion cars and shield nearly 1 billion people from climate impacts.