COP28 raised more than $83 billion, launching a new phase of climate action.
A set of first-ever declarations and pledges have been launched that include the transition to sustainable food systems and COP28 declarations on health, renewable energy and energy efficiency, as well as initiatives to reduce emissions from emissions-intensive industries.
– 11 pledges and declarations were issued and received exceptional and widespread support.
On the first day of the conference, the COP28 presidency reached a historic agreement to activate a global climate fund and address its repercussions, and international pledges were made to finance it worth $792 million.
– International pledges worth $3.5 billion were announced to replenish the Green Climate Fund.
– $134 million was announced for the Adaptation Fund.
– It was announced that $129.3 million would be provided to the Fund for Least Developed Countries.
– It was announced that $31 million would be provided to the Special Fund for Climate Change.
The UAE launched a climate investment fund with a catalytic capital worth $30 billion, under the name “Alterra”, which focuses on attracting and stimulating private financing. The fund aims to collect and stimulate an additional $250 billion globally, and also announced the allocation of $200 million from Special Drawing Rights. To the Resilience and Sustainability Trust Fund, and $150 million for water security.
The World Bank announced an increase of $9 billion annually (for the years 2024 and 2025) to finance climate-related projects, and other multilateral development banks announced an additional increase in support for climate action worth more than $22.6 billion.
The most prominent details of the pledges and announcements issued so far:
• The COP28 pledge to increase the production capacity of renewable energy sources and double energy efficiency was approved by 130 countries.
• The UAE Declaration (COP28) on food systems, sustainable agriculture and climate action was approved by 153 countries.
• The UAE Declaration (COP28) on climate and health was approved by 141 countries.
• The UAE Declaration (COP28) on climate finance was approved by 13 countries.
• The Global Cooling Pledge has been endorsed by 66 countries.
• The UAE Declaration (COP28) on Climate, Relief, Recovery and Peace was approved by 78 countries and 40 organizations.
• The UAE Declaration (COP28) on low-emission hydrogen and its derivatives was approved by 37 countries.
• The UAE Declaration (COP28) regarding gender equality in transitions supporting climate action was approved by 78 countries.
• The CHAMP pledge has been endorsed by 67 countries.
• The COP28 Charter to reduce emissions in the oil and gas sector witnessed the joining of 52 companies, representing 40% of global oil production.
• The Industrial Transition Accelerator has been endorsed by 35 companies and 6 industry associations, including the World Steel Association, the International Aluminum Institute, the Global Renewable Energy Alliance, the World Cement and Concrete Association, the Oil and Gas Sector Climate Initiative, and the International Air Transport Association.
Details of financial contributions made to support climate action at COP28 so far:
• The Global Climate Fund to address the repercussions: $792 million
• Green Climate Fund: $3.5 billion (IFAD2 increases to $12.8 billion)
• Adaptation Fund: $134 million
• Least Developed Countries Fund: $129.3 million
• Special Fund for Climate Change: $31 million
• Increasing the production capacity of renewable energy: $5 billion
• Cooling: $57 million
• Clean cooking: $30 million
• Stimulating investments in clean energy: $568 million
• Reducing methane emissions: $1.2 billion
• Climate finance: $30 billion from the UAE (in addition to $200 million from the country’s Special Drawing Rights and $31.6 billion from multilateral development banks)
• Food and agricultural systems development: $3.1 billion
• Nature protection: $2.6 billion
• Health: $2.9 billion
• Water: $150 million
• Gender equality: $2.8 million
• Relief, recovery and peace: $1.2 billion
• National climate action in countries: $467 million
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