Unprecedented Momentum at COP28 as $57 Billion Pledged in Four Days to Combat Climate Change
In a historic turn of events at the UAE-hosted COP28 conference, global leaders and entities have come together in an unprecedented commitment to tackle climate change. Within the first four days of the conference in Dubai, a staggering $57 billion has been mobilized, signaling a transformative phase in global climate action. COP28 President Sultan Al Jaber made the announcement, highlighting the swift adoption of the agenda on the first day and the emergence of historic agreements and declarations.
Al Jaber expressed his satisfaction with the remarkable speed at which the agenda was adopted and the groundbreaking agreements made, emphasizing the newfound momentum and shared determination to address the urgent challenges posed by climate change. He noted that in his 12 years attending COPs, he had never seen the agenda adopted on Day 1, let alone in the first hour.
The mobilized funds include $30 billion for a new custom care UAE catalytic fund dedicated to climate solutions, along with $725 million for loss and damage. The World Bank has committed to an annual increase of $9 billion to finance climate-related projects. Additionally, allocations include over $3 billion for the Green Planet fund, $2.7 billion for health, $2.6 billion for nature, $1.2 billion for relief and recovery, $2.5 billion for renewables, and $1.2 billion for methane emission reduction.
COP28 has witnessed the announcement of eight new declarations designed to transform major sectors, focusing on food systems transformation, health, renewable energy, efficiency, decarbonization of heavy-emitting industries, and more. The UAE, in a groundbreaking move, is leading a process to rally countries and companies around the net-zero strategy, fostering inclusivity and a global energy transition that leaves no one behind.
The momentum at COP28 is evident in the growing support for these declarations and pledges, demonstrating an unprecedented level of inclusivity. With a real sense of momentum, positivity, and excitement, the conference is seen as a paradigm shift and a genuine opportunity to course-correct and put the world on the right track towards addressing the climate crisis.
