At COP28, the 28th Conference of the Parties to the UN Framework Convention on Climate Change, over $83 billion has been mobilized within the first seven days, marking a new era of climate action. The conference saw historic declarations on food systems, health, renewable energy, and efficiency, with initiatives targeting the decarbonization of heavy-emitting industries., $726 million was pledged for Loss and Damage support in response to the climate crisis.
Key financial boosts include $3.5 billion for the Green Climate Fund, $133.6 million for the Adaptation Fund, and $129.3 million for the Least Developed Countries Fund. The UAE’s launch of the $30 billion catalytic fund, ALTÉRRA, aims to mobilize an additional $250 billion, emphasizing a strong commitment to global climate action.
The World Bank announced a $9 billion annual increase for 2024 and 2025, and Multilateral Development Banks committed over $22.6 billion, providing significant financial support for climate-related projects.
Meanwhile, at COP28, India’s Ministry of Environment, Forest, and Climate Change, in collaboration with UNICEF’s Generation Unlimited, is set to reveal the “Green Rising” initiative. The initiative, part of the YuWaah campaign in India, focuses on engaging youth for impactful environmental actions at the grassroots level, aligning with the global effort to address the severe impacts of climate change.
-Additional UAE Commitments:
– $200 million for vulnerable countries through Special Drawing Rights (SDRs)
– $150 million for water security solutions
Pledges and Endorsements
– Global Renewables and Energy Efficiency Pledge: Endorsed by 124 countries.
– COP28 UAE Declarations: Received widespread support across various sectors, including Agriculture, Food and climate, Climate and Health, Climate Relief, Recovery and peace, Climate Finance, Hydrogen and Derivatives, and Gender-Responsive Just Transitions.
– Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge: Endorsed by 65 countries.
– Global Cooling Pledge: Endorsed by 64 countries.
– Oil and Gas Decarbonization Charter: Endorsed by 52 companies, representing 40% of global oil production.
– Industrial Transition Accelerator: Endorsed by 35 companies and six industry associations.