DUBAI: The UN’s climate action summit has mobilized over $57 billion from various sectors in just four days of the event, with financial pledges and commitments covering finance, health, food, nature and energy.
On climate finance, the UAE announced on opening day a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South.
The COP28 host-country also partnered with the Bill & Melinda Gates Foundation to contribute $200 million for ‘Food Systems, Agriculture Innovation and Climate Action,’ focused on agricultural research, scaling agricultural innovations and funding technical assistance.
It also announced a $150 million pledge for water security.
The World Bank meanwhile announced an increase of $9 billion annually to finance climate-related projects.
In a historic move, the Climate Loss and Damage fund was finally operationalized with about $750 million pledged in the first 48 hours of COP28 to help vulnerable nations cope with the impacts of climate change.
In addition, $3.5 billion has been announced to replenish the Green Climate Fund; $2.7 billion was pledged for health; $2.6 billion for food systems transformation; $2.6 billion to protect nature; $467 million for urban climate action and $1.2 billion has been committed for relief, recovery and peace.
On energy, $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.
Meanwhile, eight new declarations have been announced that will help transform every major system of the global economy including food systems, health and renewable energy.
