In a groundbreaking move at COP28, UN Climate Change High-Level Champion E. Razan Khalifa Al Mubarak announced a historic commitment of $1.7 billion in nature conservation finance. This financial injection aims to underscore the pivotal role of nature in climate action, setting the stage for a transformative agenda from COP28 to COP30. The UAE’s commitment signifies a crucial step towards global sustainability efforts.
Al Mubarak further revealed that the United Arab Emirates (UAE) is set to contribute $100 million of new finance for nature-climate projects. The initial focus of this contribution will be a $30 million investment in Ghanaian government’s ‘Resilient Ghana’ plan. This collaborative effort is a testament to the international cooperation needed to address the intertwined challenges of climate change and biodiversity loss. ‘Resilient Ghana’ received additional support from Canada, Singapore, the United States of America, and private sector initiatives, augmenting the UAE’s $30 million contribution.
The summit witnessed nature-rich countries across the Pacific and key forest basins unveiling ambitious conservation and development plans. Governments, philanthropies, and multilateral development banks joined forces to provide the necessary financial backing for these initiatives. This collaborative approach reflects a global commitment to preserving and restoring natural ecosystems, recognizing their crucial role in combating climate change.
During the World Climate Action Summit, leaders emphasized the critical importance of investing in the livelihoods and development goals of Indigenous Peoples and local communities. This recognition aligns with the broader narrative of inclusivity and sustainability, ensuring that climate initiatives benefit those on the front lines of environmental challenges.
H.E. Razan Khalifa Al Mubarak stated, “Ensuring that nature in its total and most holistic form is recognized, supported, and funded as a prerequisite to climate action has been a priority for the COP28 Presidency. This remarkable political leadership, coupled with support and finance from nonstate actors, is a testament to the fundamental role of nature not just for this COP but for all future COPs to come.”
In a session where heads of state and government unveiled national and regional investment plans and partnerships, leaders showcased their commitment to nature-climate action in alignment with the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework. Significant financial commitments were made by various nations and philanthropic organizations to fund nature-climate projects, including the Bezos Earth Fund’s $100 million for the ‘Unlocking Blue Pacific Prosperity Plan’ and the Ocean Resilience Climate Alliance’s $250 million.
These commitments not only fulfill current obligations but also align with previous agreements, such as COP26’s Glasgow Leaders’ Declaration and the Kunming-Montreal Global Biodiversity Framework. Addressing nature loss, as highlighted in these commitments, is projected to save $104 billion in adaptation costs and provide substantial CO2 mitigation action by 2030.
The announcement of the Nature Finance Hub, a new initiative committing to mobilize $1 billion from development partners, further reinforces the international community’s dedication to mobilizing private finance capital for nature-focused climate projects.
Leaders, including representatives of Indigenous Peoples, acknowledged the pivotal role these communities play in conserving ecosystems. Despite representing only 5% of the global population, Indigenous Peoples protect an astonishing 80% of the world’s remaining biodiversity. The UAE-Brazil COP28-to-COP30 partnership is set to prioritize the knowledge and development of these communities, recognizing their invaluable contributions to global conservation efforts.
This historic session, coinciding with UAE National Day, sets the stage for the upcoming COP28 Nature, Land Use, and Ocean Day on December 9th. As the world continues to grapple with the impacts of climate change, the commitments and financial contributions announced at COP28 serve as a beacon of hope for a more sustainable and resilient future.
