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Saturday, February 24, 2024

Tracking the COP: Facts on COP28 to December 7

The 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) holding in Dubai has mobilised over $83 billion in the first five days, setting the pace for a new era in climate action.

COP28 opening session

These include the first ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy emitting industries.

Some 11pledges and declarations have been launched and received historic support.

On day one of COP28, the 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:

  • $3.5 billion in new money announced to replenish the Green Climate Fund (GCF)
  • $133.6 million announced toward the Adaptation Fund
  • $129.3 million announced toward the Least Developed Countries Fund (LDC)
  • $31 million to the Special Climate Change Fund (SCCF).

The UAE launched a $30 billion catalytic fund, ALTÉRRA, to drive positive climate action. The fund seeks to mobilise an additional $250 billion globally.

Similarly, the UAE 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 toward climate action.

The full breakdown of pledges and declarations so far is as follows:

  • The Global Renewables and Energy Efficiency Pledge has been endorsed by 124countries.
  • The COP28 UAE Declaration on Agriculture, Food, & Climate has received endorsements from 142 countries.
  • The COP28 UAE Declaration on Climate and Health has been endorsed by 133 countries.
  • The COP28 UAE Declaration on Climate Relief, Recovery & Peace has been endorsed by 75 countries and 40 organisations.
  • The COP28 UAE Declaration on Climate Finance has been endorsed by 13 countries.
  • The COP28 UAE Declaration on Hydrogen and Derivates has been endorsed by 37 countries. (new)
  • The COP28 UAE Declaration on Gender-Responsive Just Transitions has been endorsed by 74 countries. (new)
  • 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. (new)
  • The Oil and Gas Decarbonisation Charter has been endorsed by 52 companies representing 40 percent of global oil production.
  • 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.

 Breakdown of financial pledges and contributions so far:

  • Loss and Damage: $726 million
  • Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion)
  • Adaptation Fund: $133.6 million
  • Least Developed Countries Fund: $129.3 million
  • Special Climate Change Fund (SCCF): $31 million
  • Renewable Energy: $5 billion
  • Cooling: $25.5 million
  • Clean Cooking: $30 million
  • Technology: $568 million
  • Methane: $1.2 billion
  • Climate Finance: $30 billion from UAE, $200 million in Special Drawing Rights, and $32 billion from Multilateral Development Banks (MDBs)
  • Food: $3.1 billion
  • Nature: $2.6 billion
  • Health: $2.7 billion
  • Water: $150 million
  • Gender: $2.8 million
  • Relief, Recovery and Peace: $1.2 billion
  • Local Climate Action: $467 million.

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