MOHAMMAD GHAZAL
The impressive outcomes emerging from the UAE-hosted 28th Conference of the Parties (COP28), today entering its eighth day with seven more days to go, render this global gathering a standout, result-oriented event in the history of climate action.
Transforming from a forum of pledges and promises to one of concrete actions and documented achievements, COP28, with its adoption of new funds and initiatives to help mitigate climate change, undoubtedly demonstrated a renewed vigour in commitment to tackling an urgent concern of the modern era.
At the heart of COP28’s success lies the unprecedented mobilisation of funds, totalling over $83 billion within the first five days. This early victory of the conference sets a new standard for climate action and underscores the international community’s dedication to addressing the urgent needs of the planet.
The diverse range of initiatives launched at the conference, including the first-ever declarations on food systems transformation, health, renewable energy, and efficiency, alongside ambitious plans to decarbonise heavy emitting industries, reflects the holistic approach taken by the COP28 Presidency.
From the beginning, COP28 charted a new course, focusing on action rather than mere dialogue. The announcement of a landmark $30 billion ALTÉRRA fund for climate investment by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is a testament to this commitment. This fund not only aims to bridge the climate financing gap but also seeks to mobilise an additional $250 billion globally for climate action.
The UAE’s additional commitments, including $200 million for Special Drawing Rights to the IMF Resilience and Sustainability Trust to support climate resilience in developing countries and $150 million for water security solutions, further reinforce the nation’s role as a global climate leader.
The establishment of a monumental fund, a major catalyst in this change, garnered widespread acclaim from heads of states, top officials, experts, climate experts, and bankers. This fund is not just a financial tool; it’s a symbol of renewed hope and firm commitment towards climate action, summing up a myriad of reactions across sectors. IMF Managing Director Kristalina Georgieva said COP28 has been “very successful from Day 1”, highlighting the tangible actions that rev up hopes.
As for the Development Bank of Latin America and the Caribbean (CAF) the fund marks a very important step for the Global South and developing countries. Meanwhile, bankers and experts said the fund will catalyse private sector climate investments. COP28 has also seen the operationalisation and capitalisation of Loss and Damage funds, a critical area of concern for those at the forefront of the climate crisis.
With $726 million already pledged, this marks a historic step in supporting vulnerable nations and communities. The replenishment of the Green Climate Fund with $3.5 billion, alongside substantial contributions to the Adaptation Fund, the Least Developed Countries Fund, and the Special Climate Change Fund, further solidifies COP28’s role in enhancing global climate resilience.
The COP Presidency facilitated a historic agreement to operationalise and capitalise funding for Loss and Damage, supporting those on the front lines of the climate crisis with $726 million already pledged to date. Another $133.6 million was announced towards the Adaptation Fund, $129.3 million towards the Least Developed Countries Fund (LDC) and $31 million to the Special Climate Change Fund (SCCF).
The UAE also committed $200 million to help vulnerable countries through Special Drawing Rights (SDRs) and $150 million to fund water security solutions. The World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects.
Multilateral Development Banks (MDBs) announced a cumulative increase of over $22.6 billion towards climate action, among the highlights of the action packed initial days of the global meet. Moreover, the significant increase in climate-related financing from the World Bank and Multilateral Development Banks, totalling over $31.6 billion, demonstrates the crucial role of financial institutions in supporting global climate action.
The involvement of heads of states, top officials, experts, climate activists, and bankers in valuing and voicing appreciation for these initiatives indicates a strong and unified global stance on climate action. COP28 has not only charted a new course in climate action but has also set a precedent for the future.
It stands as a COP of actions, where numbers and representation loudly proclaim a united and robust global commitment to tackling the climate crisis. COP28 stands out not just for its impressive financial mobilisation but for setting a new benchmark in climate action and the representation of participants, sectors, countries, and stakeholders who have all come together for a cause that transcends borders, politics, and economies – a very dear cause for our planet and its future.
The writer is the Managing Editor of Aletihad English Newspaper