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COP28 amassed over $57 billion in first 4 days to support climate agenda

The Climate Loss and Damage fund mobilized around $750 million in the first two days of the climate summit.

COP28 amassed over $57 billion in first 4 days to support climate agenda
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

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Demonstrating solidarity, governments, businesses, investors and philanthropies have announced over $57 billion across the climate agenda in just the first four days of COP28.

After a historic agreement to operationalize a fund for climate impact response on Day 1, announcements have poured in for the finance, health, food, nature, and energy sectors.

On the opening day, the UAE revealed a $30 billion catalytic fund named ALTERRA, aiming to unlock private finance throughout the global south. 

A fund aiming to promote food security while combating climate change mobilized $2.5 billion on the second day of the global climate summit. The fund is part of a declaration on sustainable agriculture, resilient food systems, and climate action.

The Bill and Melinda Gates Foundation joined to commit $200 million in funding to respond to immediate and long-term threats to food security and nutrition caused by climate change. The initiative seeks to address global emissions while protecting the lives and livelihoods of farmers who live on the frontlines of climate change.

The $200 million partnership for Food Systems, Agriculture Innovation and Climate Action, focused on agricultural research, scaling agricultural innovations and funding technical assistance for implementing the Declaration.

“There is no path to achieving the goals of the Paris Climate Agreement and keeping 1.5 degree Celcius within reach, that does not urgently address the interactions between food systems, agriculture, and climate,” Mariam Almheiri, UAE Minister of Climate Change and Environment and COP28 Food Systems Lead, said.

At the same time, the UAE also announced a $150 million pledge for water security.

Meanwhile, the World Bank shared news that it will provide a $9 billion annual increase for financing climate projects. 

The Climate Loss and Damage fund was mobilized with nearly $750 million pledged in the first two days of COP28, aimed at supporting vulnerable nations to cope with the impacts of climate change.

Additionally, $3.5 billion has been set for replenishing the Green Climate Fund, $2.7 billion 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 the energy spectrum, $2.5 billion was operationalized for renewables, $1.2 billion was provided for methane emission reduction, and $568 million was allocated for investments in clean energy manufacturing.

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