COP28 mobilises over $57 billion in first four days

Dubai, Dec 4 : In a powerful demonstration of global solidarity, governments, businesses, investors and philanthropies have announced over $57 billion across the climate agenda in just the first four days of the UN Climate Change Conference (COP28).

After an historic agreement to operationalise a fund for climate impact response on day one, announcements have poured in across the entire climate agenda, including on finance, health, food, nature, and energy.

Responding to climate pledges, Sultan Al Jaber, COP28 President, told the media here, “I really think something special is happening here. The positivity, the optimism, the hope, the momentum, the determination — is growing. And I will stay laser-focused on delivery and maintaining this point until we land the most ambitious response to the Global Stocktake.”

“The COP28 energy package is a giant step in the right direction and it is only the beginning. I have repeatedly said that this is still not enough,” he added.

Among the pledges, the UAE has launched a $30 billion catalytic fund, ALTÉRRA, on climate finance with an emphasis on unlocking private finance across the Global South. The country has also announced $200 million for SDRs and $150 million for water security.

In addition, the World Bank has announced an increase of $9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after an historic response to loss and damage was operationalised, $725 million has already been pledged.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund, $2.7 billion has been pledged for health, $2.6 billion has been committed for food systems transformation, $2.6 billion has been pledged to protect nature, $467 million has been announced for urban climate action, and $1.2 billion has been committed for relief, recovery and peace.

On energy, $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction.

In addition, $568 million was pledged to drive investments in clean energy manufacturing.

In total, over $57 billion has so far been announced in the first four days. In addition, new pledges and declarations made at COP28 have received historic support.

Eight new declarations have been announced that will help transform every major system of the global economy.

These include the first-ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy emitting industries.

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender.

The number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP.