COP28 Dubai: $83b in 5 Days, Historic Backing for 11 Pledges.

Post by: Dr. Amrinder Pal Singh

_{Credit: gulfnews}

At COP28 in Dubai, the UAE's Presidency declared a groundbreaking mobilization of over $83 billion in the first five days, marking a significant leap in climate action. The conference witnessed 11 historic pledges and declarations, including initiatives for food systems transformation, health, renewable energy, efficiency, and efforts to decarbonize heavy-emitting industries.

The UAE Banks Federation further committed $270 billion towards climate financing, while the COP28 Presidency introduced the ALTÉRRA catalytic fund, a $30 billion initiative aiming to generate an additional $250 billion globally for positive climate action.

Key financing commitments included $726 million for Loss and Damage, $3.5 billion to replenish the Green Climate Fund, $133.6 million for the Adaptation Fund, $129.3 million for the Least Developed Countries Fund, and $31 million for the Special Climate Change Fund.

Additionally, the UAE pledged $200 million through Special Drawing Rights and $150 million for water security solutions. The World Bank committed an annual increase of $9 billion for 2024 and 2025, while Multilateral Development Banks collectively raised over $22.6 billion for climate action.

The COP28 Climate Action Tracker highlights endorsements for various pledges and declarations, such as the Global Renewables and Energy Efficiency Pledge, COP28 UAE Declaration on Agriculture, Food, and Climate, COP28 UAE Declaration on Climate and Health, and others.

COP28 Climate Action Tracker

• Loss and Damage: $726 million
• Green Climate Fund: $3.5 billion
• Adaptation Fund: $133.6 million
• Least Developed Countries Fund: $129.3 million
• Special Climate Change Fund: $31 million
• Renewable Energy: $5 billion
• Cooling: $25.5 million
• Clean Cooking: $30 million
• Technology: $568 million
• Methane: $1.2 billion
• Climate Finance: $30 billion (UAE), $200 million (Special Drawing Rights), $32 billion (MDBs)
• Food: $3.1 billion

The COP28 initiatives underscore a global commitment to address climate challenges and promote sustainable solutions.

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