According to figures shared by COP28, over the first five days, $83 billion was mobilised in climate finance, while a wide range of pledges and declarations have also been endorsed.
Below, ESG Mena gives an overview:
At total of one hundred and twenty-four countries have endorsed the Global Renewables and Energy Efficiency Pledge, while 37 countries have endorsed the COP28 UAE Declaration on Hydrogen and Derivates.
One hundred and forty-two countries have also shared their support of the COP28 UAE Declaration on Agriculture, Food, & Climate.
The COP28 UAE Declaration on Climate and Health has been endorsed by 133 countries, and 75 countries and 40 organisations have endorsed the COP28 UAE Declaration on Climate Relief, Recovery & Peace.
Elsewhere, the COP28 UAE Declaration on Climate Finance has been endorsed by 13 countries.
The COP28 UAE Declaration on Gender-Responsive Just Transitions has been endorsed by 74 countries, and the Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge has been endorsed by 65 countries.
The Global Cooling Pledge has been endorsed by 64 countries, with the aim of reducing cooling-related emissions across all sectors by at least 68 per cent from 2022 levels by 2050.
The Oil and Gas Decarbonization Charter has been endorsed by 52
companies, representing 40 per cent of global oil production. Through the commitment, signatories pledged to reach net zero (only in operations) and methane emissions by 2050, end routine gas flaring by 2030, and invest in renewable energy development, low-carbon fuels and negative emissions technologies.
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.
A breakdown of the total financing shows that:
- $726 million has been committed to the Loss and Damage fund
- The Green Climate Fund has seen $3.5 billion pledged
- The Adaptation Fund has received $133.6million
- $129.3 million has gone to the Least Developed Countries Fund:
- The Special Climate Change Fund (SCCF) has seen $31million dedicated
- Renewable Energy has seen $5 billion dedicated
- Cooling has received $25.5million so far
- $30 million is going to clean Cooking
- $568million has been dedicated to Technology
- For Methane, $1.2 billion has been committed
- For Climate Finance, $30 billion has been allocated from UAE, $200 million in Special Drawing Rights, and $32 billion from Multilateral Development Banks (MDBs)
- $3.1billion has been dedicated to Food
- For Nature, $2.6 billion has been committed
- Health has seen $2.7billion
- $150million has been dedicated to Water
- Gender has seen $2.8million
- $1.2 billion has gone to Relief, Recovery and Peace:
- Local Climate Action has seen $467million in financing