Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and President of COP28, affirmed that in line with UAE’s vision, the conference presidency is committed to ensuring collaboration and concerted efforts among all parties to achieve substantial progress and the desired qualitative leap in climate action, simultaneously achieving sustainable economic growth that is inclusive for all.
This announcement comes following the pledges made by governments, companies, investors, and charitable institutions, amounting to approximately 210 billion dirhams (over $57 billion) during the first four days of COP28. The first day saw a significant agreement to activate a global climate fund focusing on addressing losses and damages due to climate change impacts, followed by a series of announcements and pledges across all climate action priorities, including financing, health, food, nature, and energy.
Dr. Al Jaber added that the world gathered in the UAE to present an exceptional version of the COP conferences, expressing his eagerness to work with negotiators in the coming days to build on this momentum and achieve further accomplishments for the protection of humanity and the planet.
He called on negotiators from all parties to work in the spirit of unity and partnership in the coming two weeks to provide a concrete and effective response to the global tally and to maintain the possibility of avoiding a rise in Earth’s temperature exceeding 1.5 degrees Celsius.
Regarding climate finance, the UAE launched a stimulus fund named “Altira” worth 110 billion dirhams ($30 billion), focusing on attracting and stimulating private finance in the Global South. The UAE also announced the allocation of 735 million dirhams ($200 million) of Special Drawing Rights to the IMF’s Resilience and Sustainability Trust to enhance climate resilience in developing countries, 550 million dirhams ($150 million) for water security, and the World Bank’s increase of 33 billion dirhams ($9 billion) annually for climate-linked projects. In the first 48 hours of COP28, after the activation of the fund for addressing climate change damages, total pledges exceeded 2.5 billion dirhams ($725 million).
Additionally, pledges amounting to approximately 12.8 billion dirhams ($3.5 billion) were announced for the replenishment of the Green Climate Fund, 9.9 billion dirhams ($2.7 billion) for health, and around 9.5 billion dirhams ($2.6 billion) for developing food systems. A similar amount was pledged for nature protection, 1.7 billion dirhams ($467 million) for urban climate action, and 4.4 billion dirhams ($1.2 billion) for relief, recovery, and peace.
In the energy sector, 9.2 billion dirhams ($2.5 billion) were raised to increase the production capacity of renewable energy sources, and 4.4 billion dirhams ($1.2 billion) to reduce methane emissions, along with a commitment of 2 billion dirhams ($568 million) to stimulate investments in clean energy equipment manufacturing.
In total, approximately 210 billion dirhams (over $57 billion) have been announced so far in the first four days, with new pledges and announcements at COP28 receiving unprecedented global support.
Eight new declarations were launched that will aid in developing various aspects of global economic systems. These include first-of-their-kind declarations in several areas such as health, sustainable food systems and agriculture, climate action, enhancing renewable energy production capacity, improving energy efficiency, alongside initiatives to reduce emissions from high-emission industries. Three additional declarations are set to be released in the coming days on hydrogen, cooling, and gender, showcasing the increasing number of countries supporting these declarations and pledges, marking the success of COP28’s efforts to host the most inclusive edition of the COP conferences.
Key details of these pledges and announcements to date include:
• COP28’s pledge to triple renewable energy production capacity and double energy efficiency endorsed by 119 countries.
• The UAE’s COP28 declaration on sustainable food systems, agriculture, and climate action supported by 137 countries.
• The UAE’s COP28 declaration on health and climate endorsed by 125 countries.
• The UAE’s COP28 pledge for climate, relief, recovery, and peace joined by 74
