In a groundbreaking display of international solidarity, the first four days of the 28th Conference of the Parties (COP28) have seen an extraordinary mobilization of over $57 billion in pledges towards the global climate agenda. Governments, businesses, investors, and philanthropies have joined forces to accelerate climate action, marking a historic turning point in the fight against climate change.
The momentum was set on the first day with the establishment of a fund for climate impact response, ushering in a wave of announcements spanning finance, health, food, nature, and energy throughout the event.
Financial Commitments Lead the Way
The United Arab Emirates (UAE) took a prominent role by launching ALTÉRRA, a $30 billion catalytic fund designed to unlock private finance in the Global South. The UAE also committed $200 million for Special Drawing Rights (SDRs) and allocated $150 million to enhance water security. The World Bank responded with an annual increase of $9 billion for financing climate-related projects.
In a remarkable response to loss and damage, $725 million has been pledged within the first 48 hours of COP28, underlining the urgent need for support in vulnerable regions.
The Green Climate Fund is set to receive $3.5 billion in replenishment, reaching a total of $12.8 billion, while an additional $2.5 billion has been earmarked for renewable energy projects. Another $568 million will drive investments in clean energy manufacturing, emphasizing a commitment to sustainable energy solutions.
Global System Transformation Declarations
Eight transformative declarations have been announced at COP28, targeting key sectors of the global economy. These include groundbreaking declarations on food systems transformation, health, renewable energy, efficiency, and initiatives to decarbonize heavy-emitting industries.
The declarations have received widespread support, with countries and organizations endorsing their commitment to transformative actions. Notable declarations include the Global Renewables and Energy Efficiency Pledge endorsed by 119 countries, and the COP28 UAE Declaration on Agriculture, Food, & Climate endorsed by 137 countries.
Additional declarations on hydrogen, cooling, and gender are anticipated in the coming days, further emphasizing the inclusive nature of COP28.
Unprecedented Support for Declarations
Countries and organizations have rallied behind the declarations, showcasing an unprecedented level of inclusivity and cooperation. The COP28 Presidency applauds the commitment shown by parties and non-state actors, urging continued efforts and contributions.
Breakdown of Financial Pledges and Contributions:
- Loss and Damage: $725 million
- Green Climate Fund: $3.5 billion (second replenishment reaching $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 annual increase of $9 billion 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
