In an impressive display of global unity, governments, businesses, investors, and philanthropies have collectively pledged more than $57 billion towards the climate agenda within the initial four days of COP28.
During the first day, a landmark agreement was reached to implement a fund addressing the impact of climate change, and subsequent days witnessed a cascade of announcements covering various aspects of the climate agenda, including finance, health, food, nature, and energy.
Concerning climate finance, the UAE has inaugurated a catalytic fund named ALTÉRRA, amounting to $30 billion, with a focus on mobilizing private finance in the Global South. Additionally, the UAE has committed $200 million for Special Drawing Rights (SDRs) and allocated $150 million for water security. The World Bank has also declared a yearly increase of $9 billion for financing climate-related projects. Notably, within the initial 48 hours of COP28, $725 million has been pledged in response to loss and damage.
Other significant commitments include $3.5 billion to replenish the Green Climate Fund, $2.7 billion for health, $2.6 billion for transforming food systems, $2.6 billion for nature conservation, $467 million for urban climate action, and $1.2 billion for relief, recovery, and peace.
In the realm of energy, $2.5 billion has been mobilized for renewables, $1.2 billion for reducing methane emissions, and an additional $568 million to drive investments in clean energy manufacturing.
Eight transformative declarations have been revealed, addressing key sectors of the global economy. These encompass the first-ever declarations on food systems transformation and health, declarations on renewable energy and efficiency, and initiatives for decarbonizing high-emission industries. Three more declarations on hydrogen, cooling, and gender are expected in the upcoming days, showcasing an unprecedented level of inclusivity at this COP, with an increasing number of countries endorsing these declarations and pledges.
Breakdown of financial pledges and contributions so far: Loss and Damage: $725 million Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion) Renewable Energy: $2.5 billion Technology: $568 million Methane: $1.2 billion Climate Finance: Over $30 billion from UAE (plus $200 million in Special Drawing Rights and an increase of $9 billion annually from the World Bank) Food: $2.6 Billion Nature: $2.6 Billion Health: $2.7 billion Water: $150 million Relief, Recovery and Peace: $1.2 billion Local Climate Action: $467 million.
The cumulative total of announcements during the first four days of COP28 stands at over $57 billion. Furthermore, the support for new pledges and declarations made at COP28 has been historically significant.
