The distinctive Palestinian black, red, white and green flag was raised at the United Nations headquarters for the first time on Wednesday, according to a Newsweek report.

"The symbolism of raising [the] flag at the United Nations reflects the commitment of the Palestinian Authority to pursue the long-held dream of the Palestinian people for their own state," U.N. Secretary General Ban Ki-moon was quoted in the article.

RELATED: Israeli aerial attack kills five Palestinians

In 2012, the General Assembly approved the de facto recognition of the sovereign state of Palestine, which accompanies the Vatican as being the only non-member observer states at the United Nations. The Vatican flag was raised at the U.N. on Friday, the day Pope Francis visited.

Palestinian President Mahmoud Abbas , in an address to the U.N. General Assembly on Wednesday, said Palestinians will no longer observe any previous agreements made with Israel, including the landmark 1995 Oslo Accords, which offered a blueprint for a two-state solution to the conflict, according to the Newsweek article.

"The continuation of the status quo is unacceptable," he was quoted in the report.

RELATED: White House tells Israel to end Palestine occupation

Speaking in overcast weather in the U.N. rose garden, Abbas said September 30 would be known as the day of the Palestinian flag, according to Newsweek, which added that he also said he hopes to see the Palestinian flag fly over Jerusalem.

Israeli Prime Minister Benjamin Netanyahu is due to speak at the U.N. on Thursday.

Reuters contributed to this report.