COP28 mobilizes over $57 billion to fight Climate Change

Dubai: The UN Conference on Climate Change Summit COP28 has mobilized over $57 billion so far across the climate agenda in the first four days on finance, health, food, nature, and energy.

On climate finance, the UAE has launched a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South. The country has also announced $200 million for SDRs and $150 million for water security.

In addition, the World Bank has announced an increase of $9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after a historic response to loss and damage was operationalized, $725 million has already been pledged.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund, $2.7 billion has been pledged for health, $2.6 billion has been committed for food systems transformation, $2.6 billion has been pledged to protect nature, $467 million has been announced for urban climate action, and $1.2 billion has been committed for relief, recovery and peace.

On energy $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.

“In total, over $57 billion has so far been announced in the first four days. In addition, new pledges and declarations made at COP28 have received historic support” the statement said.

Eight new declarations have been announced that will help transform every major system of the global economy.

These include the first-ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonize heavy-emitting industries.

The Statement said, “Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender”.