Delegates attend COP28 at Expo City Dubai. The UAE’s COP28 Presidency announces on Wednesday COP28 in Dubai has already mobilised more than $83 billion funds in the first five days Image Credit: Clint Egbert/Gulf News

Dubai: The UAE’s COP28 Presidency on Wednesday announced that the 28th UN Climate Change Conference in Dubai has mobilised more than $83 billion in the first five days, setting the pace for a new era in 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.

Additionally, the UAE Banks Federation pledged another $270b towards climate financing on December 4, which was dedicated to financing.

More than $83 billion has been committed to climate action, in a powerful demonstration of global solidarity driven by governments, businesses, investors, and philanthropies

A whopping number of leaders and ministers also attended COP28 within the first week. COP28 put the numbers as 176 leaders and 784 ministers.

As many as 11 pledges and declarations have been launched and received historic support, the Presidency said on Wednesday. In total, 772 countries and stakeholders made the pledges.

The UAE launched a $30 billion catalytic fund, ALTÉRRA, to drive positive climate action. The fund seeks to mobilise an additional $250 billion globally

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Financing commitments

On day one of COP28, the Presidency facilitated a historic agreement to operationalise and capitalise funding for Loss and Damage, supporting those on the front lines of the climate crisis with $726 million already pledged to date.

The other important financing commitments made include the following:

$3.5 billion in new money announced to replenish the Green Climate Fund (GCF)

$133.6 million announced toward the Adaptation Fund

$129.3 million announced toward the Least Developed Countries Fund (LDC)

$31 million to the Special Climate Change Fund (SCCF)

The UAE launched a $30 billion catalytic fund, ALTÉRRA, to drive positive climate action. The fund seeks to mobilise an additional $250 billion globally.

The UAE also committed $200 million to help vulnerable countries through Special Drawing Rights (SDRs) and $150 million to fund water security solutions.

Meanwhile, the World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects.

Multilateral Development Banks (MDBs) announced a cumulative increase of over $22.6 billion toward climate action.

Pledges, declarations

The full breakdown of pledges and declarations so far is as follows:

The Global Renewables and Energy Efficiency Pledge has been endorsed by 123 countries.

The COP28 UAE Declaration on Agriculture, Food, and Climate has received endorsements from 140 countries.

The COP28 UAE Declaration on Climate and Health has been endorsed by 132 countries.

The COP28 UAE Declaration on Climate Relief, Recovery and Peace has been endorsed by 75 countries and 40 organisations.

The COP28 UAE Declaration on Climate Finance has been endorsed by 13 countries.

The Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge has been endorsed by 65 countries.

The Oil and Gas Decarbonisation Charter has been endorsed by 52 companies, representing 40 per cent of global oil production.

The Industrial Transition Accelerator has been endorsed by 35 companies and six industry associations, including World Steel Association, International Aluminium Institute, Global Renewable Alliance, Global Cement and Concrete Association, Oil and Gas Climate Initiative, International Air Transport Association.

COP28 Climate Action Tracker

Breakdown of financial pledges and contributions so far:

Loss and Damage: $726 million

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

Adaptation Fund: $133.6 million

Least Developed Countries Fund: $129.3 million

Special Climate Change Fund (SCCF): $31 million

Renewable Energy: $5 billion

Cooling: $25.5 million

Clean Cooking: $30 million

Technology: $568 million

Methane: $1.2 billion

Climate Finance: $30 billion from UAE, $200 million in Special Drawing Rights, and $32 billion from Multilateral Development Banks (MDBs)

Food: $3.1 billion