With the 28 Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) gaining impetus, the world is seeing a wind of change. This worldwide conference has mobilised over USD 83 billion in pledges and commitments in just five days, launching a new chapter in climate action.

These commitments, which cut across boundaries and industries, show how seriously people are taking the climate catastrophe. In a show of unity, governments, corporations, investors, and philanthropies have come out to commit to creating a sustainable future. The Presidency mediated a landmark deal that operationalized and capitalised funds for Loss and Damage on the first day of COP28.

This initiative aims to support communities on the front lines of the climate crisis, with an impressive USD 726 million already pledged.

A major milestone was reached with the replenishment of the Green Climate Fund (GCF), receiving a significant boost of USD 3.5 billion. This vital resource empowers developing nations to take concrete steps towards climate mitigation and adaptation.

Additional funds poured into crucial initiatives, including the Adaptation Fund, the Least Developed Countries Fund (LDCF), and the Special Climate Change Fund (SCCF), ensuring that even the most vulnerable communities are not left behind in the fight against climate change.
Beyond financial pledges, COP28 has witnessed the birth of transformative declarations. The Global Renewables and Energy Efficiency Pledge, endorsed by 128 countries, represents a collective push towards a clean energy future.

Declarations on agriculture, food security, health, climate relief, recovery, and peace further solidify the summit’s commitment to tackling the interconnected challenges of climate change. These declarations go beyond mere words, serving as blueprints for collaborative action on the ground.

As the COP28 host nation, the UAE has set the bar high. Their unshakable commitment to promoting constructive climate action is demonstrated by the establishment of ALTERRA, a USD 30 billion catalytic fund. Their further contribution of USD 200 million in Special Drawing Rights (SDRs) and USD 150 million for water security solutions demonstrate their commitment to assisting states who are at risk.

A USD 9 billion yearly boost in financing connected to climate change is expected over the next two years, according to announcements made by international financial institutions such as the World Bank. The Multilateral Development Banks (MDBs) have demonstrated their critical role in promoting climate action by pledging to boost their climate financing by approximately USD 22.6 billion altogether.

As COP28 continues, the world watches with anticipation. The momentum generated within these first five days is undeniable, offering a glimpse of a future where collective action paves the way for a sustainable tomorrow. While challenges remain, the progress witnessed at COP28 serves as a powerful catalyst, propelling us towards a greener, more equitable future for all.

(INPUTS FROM OUTLOOK PLANET)