COP28: $57bn mobilized, historic declarations set stage

Daily News Egypt
3 Min Read

The first four days of COP28 have witnessed a remarkable outpouring of global solidarity and commitment to tackling climate change. Over $57bn in financial pledges have poured in, spanning across critical areas like climate finance, health, food, nature, and energy. This unprecedented financial firepower is coupled with eight groundbreaking declarations, signaling a new era of collaborative action across every sector.

Finance for Impact:

At the heart of this surge lies the UAE’s $30bn catalytic fund, ALTÉRRA. This initiative aims to unlock private finance across the Global South, empowering regions most vulnerable to climate impacts. Additionally, the Green Climate Fund has received a $3.5bn boost, pushing its total replenishment to $12.8bn.

Renewable energy and methane reduction saw significant pledges of $2.5bn and $1.2bn respectively, while clean energy manufacturing received a $568m shot in the arm. The response to loss and damage has been historic, with $725m pledged in just two days, demonstrating a recognition of the immense suffering caused by climate disasters. The World Bank further solidified its commitment by increasing its annual climate project funding by a substantial $9bn.

Declarations Drive Systemic Transformation:

Beyond finances, COP28 has witnessed a wave of transformative declarations. For the first time ever, declarations on food systems transformation and health have been adopted, signifying a holistic approach to climate action. Pledges on renewable energy, heavy industry decarbonization, and hydrogen, cooling, and gender equality are further testament to the systemic shift underway.

The record-breaking number of countries endorsing these declarations speaks volumes about the unprecedented level of inclusivity at COP28. From 119 countries backing the Global Renewables and Energy Efficiency Pledge to 137 endorsing the COP28 UAE Declaration on Agriculture, Food, and Climate, nations are coming together like never before to address this global challenge.

A Call to Sustain Momentum:

The COP28 Presidency applauds the overwhelming show of support from governments, businesses, and civil society. This surge in ambition and action is a critical step towards a more resilient future. However, the journey is far from over. All parties are urged to step up with even greater ambition and contributions, ensuring that the momentum of COP28 translates into tangible results on the ground.

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