COP28 in 5 days only … has made numerus achievements.
COP28 achievements are focused on supporting adaptation and mitigation efforts to the effects of climate change.
In order to usher in an unprecedented era of climate action.
As it is expected to attract more funding in the remaining seven days of the summit.
COP28 in 5 days … most important achievements:
- COP28 climate conference raised over $83 billion in financial commitments to climate action.
This was only in the first five days, so it set a new record pace and signaled a potential shift towards a new era of global cooperation on climate change. - These announcements include first-ever pledges on transforming food systems and health.
As well as announcements on renewable energy and energy efficiency, and initiatives aimed at decarbonizing heavy-emitting industries. - Eleven pledges and announcements received historic support.
- COP28 presidency facilitated the historic agreement to activate the Loss and Damage Fund for the impacts of climate on day one, with $726 million already pledged.
- The UAE launched a $30 billion Catalyst Climate Finance Fund (ALTÉRRA).
Also it allocated $150 million to address water scarcity issues.
In addition to water security solutions in fragile and vulnerable communities around the world.
The following are the pledges and announcements that have been approved so far:
- The Global Renewable Energy and Energy Efficiency Pledge, approved by 123 countries.
- The UAE’s COP28 Statement on Agriculture, Food and Climate, endorsed by 140 countries. (+1 since yesterday)
- The UAE’s COP28 Declaration on Climate and Health, endorsed by 132 countries. (+3 since yesterday)
- The UAE’s COP28 Declaration on Climate Change, Resilience and Peace, endorsed by 75 countries and 40 organizations.
- The UAE’s COP28 Declaration on Climate Finance, endorsed by 13 countries.
- The Alliance of High Ambitious Multi-Level Partnerships pledge has received support from 64 countries.
- The Oil and Gas Decarbonization Charter, endorsed by 52 companies, representing 40% of global oil production.
- The Industrial Transition Accelerator, adopted by 35 companies and 6 industry associations.
During the first days of COP28
the UAE succeeded in mobilizing the world towards a gradual safe and just energy transition and making all countries realize that the energy transition is permanent safe and sustainable describing the climate summit in the UAE pic.twitter.com/NSLUQmMtn9
— UAE Voice (@uae_voiceeng) December 5, 2023
How have the pledges and financial contributions been distributed ?
- Loss and Damage Fund: $726 million (+$600,000 from Iceland yesterday)
- Green Climate Fund: $3.5 billion (second replenishment of resources to $12.8 billion).
- Adaptation Fund: $133.6 million
- Least Developed Countries Fund: $129.3 million
- Special Climate Change Fund (SCCF): approximately $31 million (new since yesterday)
- Renewable energy has received funding pledges of $7.5 billion as of yesterday.
- Climate economy has a contribution of $30 billion from the UAE.
$200 million from the state’s Special Drawing Rights at the IMF and $32 billion from multilateral development banks. - Food commitments received funding of $2.6 billion
- Nature commitments received $2.6 billion
- Water commitments received $150 million and gender commitments received $2.8 million.
- The relief, recovery and peace commitment received funding of $1.2 billion
- The local climate action commitment received $467 million.
COP28 in 5 days of commitment from the world represented a significant increase in financial support for climate action.
The strong start to COP28 is a positive sign for the future of global climate action.
There is also a growing commitment to addressing the full range of climate challenges.
Including adaptation, mitigation, and loss and damage.
The announcement of the Catalyst Climate Fund (ALTÉRRA) is particularly significant.
In fact, the fund is the largest of its kind, and it has the potential to mobilize significant private sector investment in climate action.
The fund is also focused on a broad range of climate challenges, including food systems, health, and water security.
While the commitments made by the World Bank and other multilateral development banks are also important.
These commitments demonstrate the growing commitment of the international financial community to climate action.
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