Expo City Dubai in the UAE is hosting the COP28 Summit from November 30 – December 12. In a powerful demonstration of global solidarity, governments, businesses, investors and philanthropies have announced more than $57 billion in just the first four days of the event.
COP28 UAE marked an early success on its first day as participants reached a historic agreement to operationalise the Loss and Damage Fund. Since then, announcements have been pouring in across the entire climate agenda, including on finance, food and health.
The Emirates has launched a $30 billion catalytic fund, ALTÉRRA, recognising the need to unlock private finance across the Global South. In addition, the Middle Eastern country has also announced $200 million for SDRs and $150 million for water security.
COP28 Setting The Pace For A New Era In Climate Action
The World Bank has announced an increase of $9 billion per year for climate-related projects. Moreover, in the first 48 hours of the climate conference, after the Loss and Damage Fund was operationalised, $725 million has already been pledged.
$3.5 billion has been committed for the Green Climate Fund, $2.7 billion for health, $2.6 Billion for food systems transformation, $2.6 billion to protect nature, $467 million for urban climate action, and $1.2 billion for relief, recovery and peace.
In terms of energy, $568 million has been pledged to drive investments in clean energy manufacturing, $2.5 billion for renewables and $1.2 billion for methane emission reduction. In total, more than $57 billion has so far been announced in just the first four days.
8 Landmark Pledges & Declarations Announced So Far
Global Renewables and Energy Efficiency Pledge
COP28 UAE Declaration on Agriculture, Food & Climate
COP28 UAE Declaration on Climate and Health
COP28 UAE Declaration on Climate Relief, Recovery & Peace
COP28 UAE Declaration on Climate Finance
Coalition for High Ambition Multilevel Partnerships (Champ) Pledge
Oil and Gas Decarbonisation Charter
Industrial Transition Accelerator
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Three additional declarations are expected to be announced in the coming days on gender, cooling and hydrogen. The number of countries endorsing these pledges and declarations has been on the rise, representing an unprecedented level of solidarity.
