On the final days of the COP26 climate conference, China and the U.S. announced a surprise climate agreement. The two countries jointly said Wednesday that they have agreed to work together to slow down global warming within the current decade.

During the global summit, China's climate envoy, Xie Zhenhua, pointed out that both countries actually have more things in agreement than most people think. He added that the climate situation is one of those things that both countries agree upon, and it is an area with "huge potential for cooperation."

Xie said helping each other is the only real choice for both countries. He added that by working together, the U.S. and China could make significant achievements that benefit both nations and the rest of the world.

Under the new pact, the two countries agreed to combat climate change by phasing out coal and cutting methane emissions, marking a rare moment of collaboration between the two economic superpowers. According to the Environmental Protection Agency, the United States and China are the world's two greatest carbon dioxide emitters.

During their discussions, Xie said the two nations had reached a "consensus" on several issues involving the Paris climate agreement - particularly towards how they should limit the increase in global temperatures to less than 2 degrees Celsius. Both nations agreed that they should both work together to lower the increase to at least 1.5 degrees Celsius.

However, China had declined to commit to the Global Methane Pledge - an initiative led by the U.S. and the European Union. The pledge requires member countries to cut their methane emissions by at least 30%. China reportedly has its own plans to curb its methane emissions.

In a news conference following the summit, U.S. climate envoy, John Kerry, said he was "pleased" that both nations had come to an agreement over climate change. He said that while the U.S. and China do have a lot of differences, climate change is not one of them. Kerry added that only by cooperating will the two nations get "this job done."

The two climate representatives began discussion to iron out a climate agreement in February, right after U.S. President Joe Biden was sworn into office.  After nearly three dozen separate meetings, the two finally reached a consensus. Kerry said Biden and Chinese President Xi Jinping are scheduled to hold a virtual meeting to discuss and finalize the agreement. Kerry said they are still finalizing the date of the planned meeting.