WNAM Monitoring: In a groundbreaking start to UAE-hosted COP28, global leaders, businesses, and organisations have united in unprecedented commitment towards combating climate change. COP28 President Sultan Al Jaber announced on Monday that within four days of the conference in Dubai, $57 billion has been mobilised, marking a transformative phase in climate action.
The speed at which the agenda was adopted on the first day, coupled with historic agreements and declarations, reflects a newfound momentum and a shared determination to address the urgent challenges posed by climate change.
Sultan Al Jaber said, “A special thing is happening here in Dubai at COP28. We voted, supported and adopted the agenda in the first hour and the first day of COP. In the 12 COPs I have attended, I have never seen the agenda being adopted on Day 1, in the first hour itself. Parties came together to make historic agreements.
“I am pleased to say that we have mobilised over $57 billion in new pledges and commitments only in the first four days. $30 billion in a new custom care UAE catalytic Fund that is 100 per cent focused on solutions and bridging gaps to climate change. $725 million was mobilised for loss and damage. In addition, the World Bank has announced an annual increase of $9 billion to finance climate-related projects,” he added.
More than $3 billion has been allocated for the Green Planet fund, with $2.7 billion being announced for health and $2.6 billion for nature.
“$1.2 billion for relief and recovery and peace and on energy, $2.5 billion was mobilised for renewables and $1.2 billion for methane emission reduction.”
Additionally, parties have rallied around several pledges and declarations “that get the world moving in the right direction,” Jaber added.
