Laurent Fabius, the French foreign minister who has been chairing the talks, said every delegation could return home with their heads held high.
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President Obama said the agreement offers “the best chance to save the one planet we have”.
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The agreement will be formally ratified at a high-level signature ceremony of the United Nations on April 22, 2016 and at least 55 countries will have to accept for it to come into effect.
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“China has always promoted relative negotiations, and we will continue to work with the worldwide community to deal with global climate change”, he said.
UN Secretary General Ban Ki-moon said: “We have entered a new era of global cooperation on one of the most complex issues ever to confront humanity”.
The world’s richest states are offering just $100bn (£66bn) a year in climate finance for developing countries by 2020, with a vague commitment to further finance in the future.
“The problem’s not solved because of this accord, but make no mistake, the Paris agreement establishes the enduring framework the world needs to solve the climate crisis”, he said. The final 31-page agreement contains a clear differentiation between developed and developing countries and also includes a section on “sustainable lifestyles and climate justice”, both of which India had been demanding, PTI reported.
The agreement sets up a transparency system where countries will not only disclose carbon emissions, but the source of those emissions and what nations are doing to mitigate greenhouse gases.
The United Arab Emirates’ chief climate change negotiator Majid Al Suwaidi said the deal recognised the challenges that countries dependent on fossil fuels face.
He added: “I believe this moment can be a turning point for the world”.
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Indian Prime Minister Narendra Modi on Sunday hailed the adoption of a landmark climate accord in Paris, saying it pointed the world towards a greener future. “Today, the American people can be proud – because this historic agreement is a tribute to American leadership”.
