COP28: Nature, Land Use and Ocean Day sees $186m pledged towards climate action

Daily News Egypt
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COP28’s Nature, Land Use and Ocean Day saw leaders endorse commitments and pledges of over $186m to drive climate action and continue to build momentum to protect and restore nature.

A number of landmark commitments on forests, mangroves, landscape restoration, nature finance and the ocean were announced, reaffirming that near-term action on nature is essential to deliver the goals of the Paris Agreement.

“There is no path to fulfilling the Paris Agreement and keeping 1.5°C within reach without protecting and restoring nature, land, and the ocean. We must work in partnership, especially with the indigenous peoples and local communities who steward these critical assets,” said Razan Al Mubarak, the UN Climate Change High-Level Champion for COP28.

Over $186 million of new financing for nature and climate towards forests, mangroves and the ocean was announced during Nature, Land Use and Ocean Day. This funding builds on the $2.5bn mobilized to protect and restore nature during COP28’s World Climate Action Summit (WCAS) on 2 December.

“The COP28 Presidency; the UAE, has demonstrated real action for Nature, one that is backed by significant financial commitments. The journey to 1.5 as we all know, is not possible without nature, and this level of action must be expedited to achieve real progress by COP30,” said Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana.

Reversing nature loss can provide upwards of 30% of the mitigation action needed to keep 1.5°C within reach by 2030. Nature also has a crucial role to play in reducing climate-related hazards, such as floods and fires. Nature preservation can also contribute a potential $10 trillion worth of new business opportunities and provide almost 400 million new jobs.

Indigenous communities steward some 80% of global biodiversity, highlighting the importance of their leadership in achieving nature-based climate goals.

“For thousands of years, our people have been devoted to living in balance and harmony with nature, observing the behaviour of the biodiversity that surrounds us, the animals, plant life cycles and water flows,” said María Jose Andrade Cerda, an Indigenous woman from the Kichwa community of Serena, Ecuador. “By bringing science and indigenous knowledge together, COP28 has helped remind the world that understanding and respecting the intricate dance between humanity and nature is paramount to our future.” 

A key policy outcome of Nature, Land Use, and Ocean Day is a joint statement between the COP28 Presidency and the Convention on Biological Diversity (CBD). This statement was endorsed by 18 countries and signals a new commitment for countries to coordinate and simultaneously implement their nature and climate strategies.

Commitments made today build on those made during COP28’s World Climate Action Summit (WCAS) on 2 December, where $2.5bn was mobilized to protect and restore nature. During WCAS, UN Climate Change High-Level Champion for COP28 Al Mubarak announced that the United Arab Emirates will contribute $100m of new finance for nature-climate projects, with an initial $30m investment in the Ghanaian government’s ‘Resilient Ghana’ plan. The UAE and Brazil will co-lead a two-year strategic partnership bridging COP28 to COP30.

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