The COP28 Presidency marked a historic moment at the World Climate Action Summit (WCAS) as global leaders witnessed the unveiling of the transformative COP28 UAE Declaration on a Global Climate Finance Framework. Described as “innovative thinking for financing the new climate economy,” this groundbreaking initiative aims to reshape the climate finance landscape and has garnered endorsement from leaders of 12 nations.
The COP28 UAE Declaration is a comprehensive response to the urgency outlined in the Global Stocktake. It prioritizes rebuilding trust, reframing climate investments as economic opportunities, and scaling up climate finance. Emphasizing the necessity for climate finance to be available, affordable, and accessible, particularly for those in the Global South, the Declaration serves as a blueprint for guiding new models in delivering climate finance.
Endorsed by leaders from Barbados, Germany, France, Colombia, Ghana, Kenya, India, Ireland, Philippines, Senegal, the United Arab Emirates, the United Kingdom, and the United States of America, the Declaration addresses historical imbalances in climate finance. It captures the achievements of significant outcomes in 2023, including the replenishment of the Green Climate Fund, the expected delivery of the decade-old $100 billion goal in 2022, and the early capitalization of Loss and Damage.
In a significant move to operationalize the Declaration and stimulate private finance, the UAE announced a monumental $30 billion commitment to ALTÉRRA, the largest private climate vehicle. This commitment aims to mobilize $250 billion of private-sector investment by 2030, combining both private and public capital to channel substantial investments into global climate solutions.
Complementary to the Declaration, the UAE introduced the Global Climate Finance Centre (GCFC), marking a significant stride as the first private-sector-focused think tank in the region. The GCFC will serve as a center of excellence, providing research and capacity building to catalyze low-carbon, high-growth investments both regionally and globally.
These initiatives underscore the UAE’s commitment, as mandated by the Paris Climate Agreement, to accelerate global progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action. As the COP28 unfolds at Expo City Dubai from November 30 to December 12, 2023, the focus on driving climate finance reform remains at the forefront of the global climate agenda.