The countries participating in the United Nations Climate Change Conference on Wednesday reached an agreement calling for a "transition" away from fossil fuels to achieve carbon neutrality by 2050 in line with scientific recommendations.

The conference president (COP28), Emirati Sultan Al Jaber, said it was a "historic decision to accelerate climate action." He added, "We have a formula regarding fossil fuels in the final agreement for the first time," which sparked a new wave of applause.

He continued, "We must be proud of this historic achievement, and the United Arab Emirates, my country, is proud of the role it played in reaching" the agreement.

The draft agreement, published after all-night discussions, for the first time in the history of UN climate conferences, addressed all types of fossil fuels largely responsible for climate change in the consensus-adopted decision.

The agreement reached in Dubai after two weeks of arduous negotiations aims to send a strong message to investors and policymakers that the world is now united in the desire to stop using fossil fuels, something scientists say is the last best hope to avert climate disaster.