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After last-minute wrangling which delayed the scheduled end of the two-week United NationsCop26 summit, Mr Sharma said that a “clean” text for a final agreement had been reached and said he aimed to get it formally signed off later in the day.
The UK cabinet minister said that the proposed deal would allow the “full and effective implementation” of the 2015 Paris Accord, which set out measures to keep global warming below 2C above pre-industrial levels and work towards limiting it to 1.5C.
Mr Sharma told delegates: “This is the moment of truth for our planet and the moment of truth for our children and grandchildren.
“The world is willing us on to be bold, to be ambitious. So much rests on the decisions which we collectively take today.”
Urging them to complete the process of finalising the Glasgow agreement, he told them: “We will succeed or fail as one.”
Finalisation of the text - thrashed out by negotiators working through the night - was delayed for several hours on Saturday as furious last minute horse-trading took place in the meeting rooms and corridors of the Glasgow venue.
China is understood to have held the process up over its concerns at new provisions requiring countries to come back next year with enhanced offers on emission reductions, accelerating a “ratchet” process agreed at Paris which envisaged updates only every five years.
Beijing’s chief negotiator Xie Zhenhua was seen deep in intense conversation with US envoy John Kerry moments before formal discussions resumed shortly after 3pm.
But Mr Xie later told the gathering that China would not seek to reopen the text, clearing the main potential obstacle to a deal out of the way.