COP28 Summit Mobilises $57 Billion In Just 4 Days Of Climate Conference

World leaders have come together to discuss climate, sustainability, and future goals at the COP28 Summit hosted at Expo City, Dubai. In a strong show of global unity, governments, businesses, investors, and philanthropies have collectively pledged more than $57 billion (AED 200 billion) towards the climate agenda within the first four days of COP28.

Following a historic agreement to activate a fund for responding to climate impact on the first day, a wave of announcements has covered various aspects of the climate agenda, encompassing finance, health, food, nature, and energy.

Climate-Related Pledges At COP28 Summit

Concerning climate finance, the UAE has introduced a $30 billion catalytic fund named Alterra, focusing on unlocking private finance in the Global South. The country has also committed $200 million for Special Drawing Rights (SDRs) and $150 million for water security.

The World Bank has declared a $9 billion annual increase for financing climate-related projects. Within the initial 48 hours of COP28, $725 million has been pledged in response to loss and damage.

Furthermore, $3.5 billion is earmarked for replenishing the Green Climate Fund, $2.7 billion is pledged for health, $2.6 billion is committed for transforming food systems, $2.6 billion is promised for nature conservation, $467 million is announced for urban climate action, and $1.2 billion is committed for relief, recovery, and peace.

In the realm of energy, $2.5 billion has been mobilised for renewables, and $1.2 billion is allocated for reducing methane emissions. Additionally, $568 million is pledged to drive investments in clean energy manufacturing.

The cumulative sum of over $57 billion has been announced in the initial four days. The new pledges and declarations made at COP28 have garnered historic support.

Key Pledges And Declarations Made So Far

Global Renewables and Energy Efficiency Pledge:

  • Endorsed by 119 countries.

COP28 UAE Declaration on Agriculture, Food, Climate:

  • Endorsed by 137 countries.

COP28 UAE Declaration on Climate and Health:

  • Endorsed by 125 countries.

COP28 UAE Declaration on Climate Relief, Recovery Peace:

  • Endorsed by 74 countries and 40 organisations.

COP28 UAE Declaration on Climate Finance:

  • Endorsed by 12 countries.

Coalition for High Ambition Multilevel Partnerships (Champ) Pledge:

  • Endorsed by 64 countries.

Oil and Gas Decarbonisation Charter:

  • Endorsed by 51 companies, representing 40% of global oil production.

Industrial Transition Accelerator:

  • Endorsed by 35 companies and six industry associations, including the World Steel Association, International Aluminium Institute, Global Renewable Alliance, Global Cement and Concrete Association, Oil and Gas Climate Initiative, and International Air Transport Association.
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