COP28 UAE mobilises $57 billion in just 4 days

After a historic day-one agreement to operationalise a fund for climate impact response, announcements have poured in across the entire climate agenda

by

Nandini Sircar

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A visitor at the UAE-hosted COP28. Photo by M Sajjad
A visitor at the UAE-hosted COP28. Photo by M Sajjad

Published: Mon 4 Dec 2023, 5:41 PM

Last updated: Tue 5 Dec 2023, 11:28 AM

In a groundbreaking start to UAE-hosted COP28, global leaders, businesses, and organisations have united in unprecedented commitment towards combating climate change. COP28 President Sultan Al Jaber announced on Monday that within four days of the conference in Dubai, $57 billion has been mobilised, marking a transformative phase in climate action.

The speed at which the agenda was adopted on the first day, coupled with historic agreements and declarations, reflects a newfound momentum and a shared determination to address the urgent challenges posed by climate change.

Sultan Al Jaber said, “A special thing is happening here in Dubai at COP28. We voted, supported and adopted the agenda in the first hour and the first day of COP. In the 12 COPs I have attended, I have never seen the agenda being adopted on Day 1, in the first hour itself. Parties came together to make historic agreements.

“I am pleased to say that we have mobilised over $57 billion in new pledges and commitments only in the first four days. $30 billion in a new custom care UAE catalytic Fund that is 100 per cent focused on solutions and bridging gaps to climate change. $725 million was mobilised for loss and damage. In addition, the World Bank has announced an annual increase of $9 billion to finance climate-related projects,” he added.

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He also highlighted that 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.

More than $3 billion has been allocated for the Green Planet fund, with $2.7 billion being announced for health and $2.6 billion for nature.

“$1.2 billion for relief and recovery and peace and on energy, $2.5 billion was mobilised for renewables and $1.2 billion for methane emission reduction.”

Additionally, parties have rallied around several pledges and declarations “that get the world moving in the right direction,” Jaber added.

New culture and DNA

“That is us nurturing a new culture and DNA around making things happen. It’s the action agenda that we’ve adopted since Day 1. This is a focus made over the years. We are trying everything into great actions. Eight new declarations have been announced, and this is designed to transform every major sector.”

He emphasised that the UAE prioritises rallying more countries and companies around the net zero strategy than ever before. “This has never happened before,” added Jaber. The UAE is leading a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.

“These include the first-ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy emitting industries.”

Three additional declarations on hydrogen, cooling, and gender will be announced in the coming days. Jaber points out the number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP.

“There is a responsibility that we have taken on board. In the first four days, we have already set the bar high. There is a real sense of momentum, traction, positivity, and excitement. There is very real hope and opportunity out there. This is our real opportunity and paradigm shift that will course correct and put everyone on the right track.”

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