Highlights from COP28 UAE

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The UN’s 28th annual climate change conference (COP28) is happening now in Dubai, United Arab Emirates from November 30th to December 12, 2023. Cop28 this year has been considered the most crucial to date with key decision makers joining forces in global solidarity to set the pace for a new era in climate action. King Charles III delivered his speech in the opening ceremony urging world leaders to take “genuine transformational action” to slow the spiral of greenhouse gas emissions, stating “the hope of the world rests on the decisions you must take.” He reminded us all “the earth does not belong to us, we belong to the Earth.”

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

The UAE launched a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South. The country also announced $200 million for SDRs and $150 million for water security. In addition, the World Bank has announced an increase of $9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after an historic response to loss and damage was operationalized, $725 million has already been pledged.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund, $2.7 billion has been pledged for health, $2.6 billion has been committed for food systems transformation, $2.6 billion has been pledged to protect nature, $467 million has been announced for urban climate action, and $1.2 billion has been committed for relief, recovery and peace.

The energy sector saw $2.5 billion mobilized for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.

In addition, new pledges and declarations made at COP28 have received historic support.

So far eight new declarations have been announced that will help transform every major system of the global economy.

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

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender. The number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP.

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

• The Global Renewables and Energy Efficiency Pledge has been endorsed by 119 countries.

• The COP28 UAE Declaration on Agriculture, Food, & Climate has received endorsements from 137 countries.

• The COP28 UAE Declaration on Climate and Health has been endorsed by 125 countries.

• The COP28 UAE Declaration on Climate Relief, Recovery & Peace has been endorsed by 74 countries and 40 organizations.

• The COP28 UAE Declaration on Climate Finance has been endorsed by 12 countries.

• The Coalition for High Ambition Multilevel Partnerships (Champ) Pledge has been endorsed by 64 countries.

• The Oil and Gas Decarbonization Charter has been endorsed by 51 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.
  
  

The breakdown of financial pledges and contributions so far include:

• Loss and Damage: $725 million

• Green Climate Fund: $3.5 billion (increasing second replenishment to $12.8 billion)

• Renewable Energy: $2.5 billion

• Technology: $568 million

• Methane: $1.2 billion

• Climate Finance: Over $30 billion from UAE (plus $200 million in Special Drawing Rights and an increase of $9 billion annually from the World Bank)

• Food: $2.6 Billion

• Nature: $2.6 Billion

• Health: $2.7 billion

• Water: $150 million

• Relief, Recovery and Peace: $1.2 billion

• Local Climate Action: $467 million

#TeamCrowd proudly attended this year’s COP28 Climate Summit at Dubai Expo City, supporting our client Apicorp at their booth as they are a #ClimateSupporter of this global event! 

Make sure to watch some of the highlight videos from the event https://www.youtube.com/watch?v=FiX2EWDf0Ww 

And you can watch COP28 UAE with their live stream of events here, including heads of state speaking at the Global Climate Action Summit, the UN climate negotiations, and voices from the Presidency’s themed program.

And personally one of my favourite speeches given by Fred Krupp, president of the Environmental Defence Fund, you can watch it here.

COP28 is bringing the world together to Unite, Act and Deliver. Change starts here.

Talk to us today on how you can reach your target sustainability goals for 2024.