The Presidency of the Cop28 Conference of the Parties continues its efforts to achieve substantive progress on a number of important files that will modify the course of international climate action, and build on the great momentum achieved by the Conference of the Parties, by uniting the international community behind a shared commitment represented by the urgent need to take rapid and comprehensive climate action in response. For the first global report on progress in the goals of the Paris Agreement, and maintaining the possibility of achieving the goal of avoiding the rise in global temperature exceeding 1.5 degrees Celsius.
The Presidency of Cop28 works with the negotiators of all parties in a spirit of responsibility, partnership and unity, in order to include everyone to provide a tangible and effective response to the global toll, and achieve more achievements to protect humanity and planet Earth, with the start of the first day of the final negotiations of the Conference of the Parties today, December 11, and will continue until tomorrow, which will be followed by Announcing the results and final decisions of Cop28.
The COP28 Presidency looks forward to working transparently and inclusively with all parties and observers to build on the momentum and direction set by the leaders to achieve practical and tangible results in the UAE, reflecting the multilateral unity required to maintain the possibility of avoiding overheating of the planet. The UAE succeeded in bringing the world together during an exceptional edition of the Conferences of the Parties during COP28, with the participation of more than 176 world leaders to participate in the most important global climate event hosted by the country with the aim of inaugurating a new era of climate action leading up to the year 2030.
Following early agreement on the agenda and formal adoption by COP28 delegates of the Global Climate Fund, as well as its financing arrangements, world leaders and representatives of civil society, business, indigenous peoples, youth, philanthropy and international organizations joined in a spirit of common determination, and in recognition of the world’s need to unite, work together and quickly Implementation to bridge the gaps between ambition and actual, tangible efforts, and adopt effective solutions in the near term.
Within the framework of the “Global Emissions Reduction Accelerator,” the “Industrial Transition Accelerator” was launched with the participation of 35 companies, which aims to accelerate the reduction of emissions in the main emission-intensive sectors and the global transportation sector. The “Oil and Gas Sector Emissions Reduction Charter” witnessed support for 51 companies, including 29 national oil companies, to achieve the goal of climate neutrality by 2050 or earlier, and 30 companies committed to achieving near-zero emissions of methane for the first time.
The conference witnessed the UAE launching a number of priority climate action measures with the aim of stimulating further government action.
The COP28 Conference of the Parties succeeded in mobilizing international efforts and raising more than $83.7 billion as of yesterday, December 10, to launch a new phase of climate action, in addition to 11 pledges and declarations that 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. International pledges were made to finance it worth $792 million, while international pledges worth $3.5 billion were announced to replenish the resources of the Green Climate Fund.
In addition to announcing $134 million for the Adaptation Fund, as well as announcing $129.3 million for the Least Developed Countries Fund. Announcing the provision of $31 million to the Special Fund for Climate Change. The UAE launched a climate investment fund with a catalytic capital worth $30 billion, under the name “Altera,” which focuses on attracting and stimulating private financing. The fund aims to collect and stimulate an additional $250 billion globally.”
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 at a value exceeding $22.6 billion. The COP28 pledge to increase the production capacity of renewable energy sources and double energy efficiency was also approved by 130 countries.
The COP28 UAE Declaration on Climate, Relief, Recovery and Peace was endorsed by 78 countries and 40 organisations. In addition to the adoption of the UAE COP28 Declaration on low-emission hydrogen and its derivatives by 37 countries. The UAE COP28 Declaration on Gender Equality in Transitions Supporting Climate Action was also approved by 77 countries. In addition to the endorsement of the “CHAMP” coalition pledge 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, while the Industrial Transition Accelerator was approved by 35 companies and 6 industrial associations, including the World Steel Association, the International Aluminum Institute, the Global Renewable Energy Alliance, and the International Cement Association. Concrete, Oil and Gas Climate Initiative, and the International Air Transport Association.
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