The 2023 United Nations Climate Change Conference (COP28) has become a stage for monumental commitments, as governments, businesses, investors, and philanthropies collectively pledged over $57 billion in support of the climate agenda within the first four days of this groundbreaking global event. Eight pledges and declarations have garnered historic backing, marking a transformative moment in addressing climate challenges on a global scale.
The initial day witnessed the establishment of a groundbreaking fund for climate impact response, setting the tone for a cascade of announcements spanning the entire climate spectrum, encompassing finance, health, food, nature, and energy.
The host of COP28, the United Arab Emirates, took center stage by launching ALTÉRRA, a $30 billion catalytic fund aimed at unlocking private finance across the Global South. Additionally, the host nation allocated $200 million for Special Drawing Rights (SDRs) and another $150 million to combat water scarcity.
The World Bank declared an annual increase of $9 billion for climate-related projects, while a historic response to loss and damage resulted in $725 million in pledges during the first two days of COP28.
Eight transformative declarations have been unveiled, addressing critical aspects of the global economy’s major systems:
- Global Renewables and Energy Efficiency Pledge: Endorsed by 119 countries.
- COP28 UAE Declaration on Agriculture, Food, & Climate: Supported by 137 countries.
- COP28 UAE Declaration on Climate and Health: Endorsed by 125 countries.
- COP28 UAE Declaration on Climate Relief, Recovery & Peace: Backed by 74 countries and 40 organizations.
- COP28 UAE Declaration on Climate Finance: Endorsed by 12 countries.
- Coalition for High Ambition Multilevel Partnerships (Champ) Pledge: Supported by 64 countries.
- Oil and Gas Decarbonization Charter: Backed by 51 companies, representing 40% of global oil production.
- Industrial Transition Accelerator: Endorsed by 35 companies and six industry associations.
Further declarations on hydrogen, cooling, and gender are expected in the coming days, showcasing an unprecedented level of inclusivity at COP28.
Notably, Sri Lanka’s President, Ranil Wickremesinghe, introduced three proposals—Climate Justice Forum (CJF), Tropical Belt Initiative (TBI), and International Climate Change University in Sri Lanka—anticipating broad support despite pending approval from the general UN body.
The financial breakdown of pledges and contributions so far underscores the diverse areas of focus:
- Loss and Damage: $725 million
- Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion)
- Renewable Energy: $2.5 billion
- Technology: $568 million
- Methane: $1.2 billion
- Climate Finance: Over $30 billion from UAE (plus $200 million in Special Drawing Rights and an increase of $9 billion annually from the World Bank)
- Food: $2.6 billion
- Nature: $2.6 billion
- Health: $2.7 billion
- Water: $150 million
- Relief, Recovery and Peace: $1.2 billion
- Local Climate Action: $467 million
COP28 stands as a pivotal moment in global collaboration, charting an ambitious course to address the urgent climate crisis.
