"This is a historic achievement following 27 years of discussing [the issue] as well as the demands from African and developing nations," Shoukry said in a press conference on Sunday morning only hours after the hard-fought deal was reached.

Around 200 countries at the 27th UN Climate Change Conference (COP27) in the Egyptian Red Sea city of Sharm El-Sheikh reached an agreement to establish a funding mechanism to compensate vulnerable nations for loss and damage from climate-fueled disasters.

Shoukry said that the deal was the embodiment of the conference slogan, “together for implementation.”

The deal puts all climate related issues into an implementation framework, Shoukry said, noting that Egypt, as president of this year's talks, will continue to push forward climate action.

The thorny issue of loss and damage had dominated the negotiations, causing them to miss the Friday deadline and stretch into early Sunday morning.

Shoukry said the Egyptian presidency facilitated the participation of all parties in consecutive meetings over the past 48 hours.

The goal, Shoukry noted, was to reach a convergence point that fulfiled the minimum demands of the delegations.

"This is the nature of multilateral work; one party cannot obtain all its ambitions, and this does not diminish the worth of what has been reached."

Shoukry explained that the conference presidency helped facilitate the successful outcome by circulating proposals that were hashed out informally to reach a consensus.

The conference presidency maintained close contact with delegations during the process in a transparent and objective manner, Shoukry said, which allowed them to overcome overcome any attempts to divert focus of the parties or the international community.

He also highlighted the Sharm El-Sheikh Adaptation Agenda that Egypt introduced during the two-week summit, saying it represents another action plan to limit warming to 1.5 degree Celsius.

At the closing session of COP27, Shoukry underscored the importance of taking into consideration all recommendations and decisions reached during the climate conference.

He said the COP27 decisions are a gateway to reaching climate neutrality and resilience, calling for these decisions to be regarded, not just as words on paper, but as messages addressed to future generations in order to implement the Paris Agreement.

Egypt's top diplomat urged taking into consideration all arrangements related to financing to be able to make up for damage created by climate change.

He said all adaptation-related issues were referred to the meeting of the Parties to the Paris Agreement for further consultations, calling for the adoption of the draft resolution titled "Adaptation Committee Report 2022."

He also called for considering Article 7 on the agenda titled "The Warsaw International Mechanism for Losses and Damage Associated with Climate Change Impact" and adopting decisions taken in this regard without any objection.

He called for taking into consideration issues related to the least developed countries, saying the implementing panel was unable to conclude discussions of this issue and was referred to the parties to the Paris Conference for further consultations.