COP28 mobilizes over US$57 billion fund for climate action in first four days

COP28, the 28th meeting of the Conference of the Parties (COP) to the UNFCCC, is taking place in Dubai, United Arab Emirates, from 30 November until 12 December 2023.

In the first four days, over US$57 billion across the climate agenda was announced, including on finance, health, food, nature, and energy.

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

The World Bank has announced an increase of US$9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after an historic response to loss and damage was operationalized, US$725 million has already been pledged. In addition, US$3.5 billion has been announced to replenish the Green Climate Fund.

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

At the same time, new pledges and declarations made at COP28 have received historic support.

Eight new declarations have been announced that will help transform every major system of the global economy. These include declarations on renewable energy and efficiency as well as initiatives to decarbonize heavy emitting industries.

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender.

Breakdown of financial pledges and contributions so far:

• Loss and Damage: US$725 million

• Green Climate Fund: US$3.5 billion (increasing second replenishment to US$12.8 billion)

• Renewable Energy: US$2.5 billion

• Technology: US$568 million

• Methane: US$1.2 billion

• Climate Finance: Over $30 billion from UAE (plus US$200 million in Special Drawing Rights and an increase of US$9 billion annually from the World Bank)

• Food: US$2.6 Billion

• Nature: US$2.6 Billion

• Health: US$2.7 billion

• Water: US$150 million

• Relief, Recovery and Peace: US$1.2 billion

• Local Climate Action: US$467 million