The agreement to assist developing countries in adapting to the effects of climate change was characterised as a "hopeful step" by the departing Minister for the Environment, Climate, and Communications.

Rich nations' prior pledge to contribute $100 billion yearly to climate financing by 2020 would be increased by the accord, which would provide $300 billion (€288 billion) annually by 2035.

According to economists, the agreement's overarching objective of raising $1.3 trillion in climate finance year by 2035—which would come from both public and private sources—is equivalent to the amount required to combat global warming.

"We protected the aim to transition away from fossil fuels reached in Dubai last year, despite attempts by fossil fuel countries to disrupt the process and we overcame real difficulties in the negotiation process to still get a deal over the line," Minister Ryan stated.

"I am especially proud of the role our Irish team played in the negotiations," he continued. We can assist in bridging the divide between the north and south in our planet and have a strong track record in climate finance for adaptation."