COP 28: Governments, businesses and investors unite to raise funding for climate, health, food and energy initiatives in first four days of the UN climate conference initiatives
In a powerful demonstration of global solidarity, governments, businesses, investors, and philanthropies announced over $57 billion across the climate agenda in the first four days of COP28. After a historic agreement to operationalise a fund for climate impact response on day one, announcements have poured in across the entire climate agenda, including 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 operationalised, $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 mobilised for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing. Over $57 billion has been announced in the first four days. In addition, new pledges and declarations made at COP28 have received historic support.
Eight new declarations have been announced to help transform every major global economic system. These include the first-ever declarations on transforming food systems and health, renewable energy and efficiency, and initiatives to decarbonise heavy-emitting industries.
The number of countries supporting these declarations and pledges is growing and demonstrates unprecedented inclusivity at this COP.