The pace of announcements from the COP28 climate change isn’t letting up. The organizers announced at a press conference that COP28 had mobilized over $57 billion in the first four days of the global summit to support priorities across the global climate agenda.
Dr Sultan Al-Jaber explained how this funding is made up: “I am pleased to say that we have also mobilized over $57 billion in new pledges and commitments only in the first four days: $30 billion in a new custom-tailored UAE catalytic fund that is 100% focused on solutions and bridging gaps to climate change; $725 million for Loss and Damage; $9 billion annually announced by the World Bank; over $3 billion for the Green Climate Fund; $2.7 billion for health; $2.6 billion for nature; $1.2 billion for relief, recovery, and peace; $2.5 billion for renewable energy; and $1.2 billion for methane reduction.”
On top of that, he said that parties had rallied around a number of other significant pledges and eight declarations that will help transform every major system of the global economy.
These include the first ever declaration on food systems transformation and a Climate & Health declaration, endorsed by 123 countries. It acknowledges the growing health impacts of climate change on communities and countries along with the large benefits to people’s health from stronger climate action, including by reducing air pollution and lowering health care costs. The shift to electric vehicles is a key element in reducing air pollution in our cities.
Delegates from international financial institutions at the COP28 summit, discussing the importance of just financing. Photo by COP28 / Mahmoud Khaled.
Another key area of progress came from partnerships announced on Gender Equality Day to encourage women’s participation and contribution to the climate emergency.
UN Climate Change High-Level Champion H.E. Razan Khalifa Al Mubarak said: “Climate change is not gender neutral – it disproportionately impacts women and girls. Already, the climate crisis amplifies existing gender inequalities and poses a serious threat to women’s livelihoods, health and wellbeing.”
“To deliver a just transition,” she continued, “we must reform the architecture of the global financial system and ensure finance flows to the regions and the people who need it the most. But we must also invest in women’s economic empowerment to ensure no one is left behind.”
UN Climate Change High-Level Champion H.E. Razan Khalifa Al Mubarak spoke about the importance of women in tackling climate change.
Financial support to help vulnerable countries fight the effects of climate change is crucial and here too, progress has been made. A number of major international financial institutions and countries made new commitments to offer climate-resilient debt clauses (CRDCs) in their lending. These clauses allow debt service to be paused to provide breathing space when countries are hit by climate catastrophes.
Barbados is one country that is under particular ongoing threat from climate change. Speaking at the event about these commitments, Mia Mottley, Prime Minister of Barbados said: “I want to thank you all for the extraordinary courage to do the right thing. We can always bring back our debt, but we cannot bring back our society.”
Indigenous peoples are often most affected by climate change. Key financing announcements aim to help them adapt. Photo by COP28 / Christopher Edralin.
These are just a few of the many commitments that have been made…
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