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COP28 UAE mobilized US $57 billion for climate action
The latest meeting discussed on how to unlock the socio-economic benefits of cross-border value chains for hydrogen and its derivatives.
COP28 meeting on December 5, 2023 / X/@COP28_UAE
The United Nations Climate Change Conference COP28 has mobilized over $57 billion across the climate agenda in just the first four days. In demonstration of global solidarity, eight new declarations have been announced that will help transform every major system of the global economy.
According to a social media post on X, COP28 meeting at Dubai on December 5, 2023, focused on how to unlock the socio-economic benefits of cross-border value chains for hydrogen and its derivatives.
The pledges and declarations have received historic support from Governments, businesses, and investors. These include the first-ever declarations on food systems transformation and health, and declarations on renewable energy and efficiency, as well as initiatives to decarbonize heavy-emitting industries.
According to the statement, three additional declarations will be announced on hydrogen, cooling, and gender.
The pledges/ declarations put forth and endorsed by countries include: global renewable and energy efficiency pledge; declaration of agriculture, food and climate; coalition for high ambition multilevel partnerships (Champ) pledge; and oil and gas decarbonization charter.
About US $3.5 billion has been pledged to replenish the Green Climate Fund, US $2.7 billion for health, US $2.6 billion for food systems transformation, US $2.6 billion to protect nature, US $467 million for urban climate action, and US $1.2 billion for relief, recovery and peace.
For the energy sector, US $2.5 billion was mobilized for renewables and US $1.2 billion for methane emission reduction. In addition, US $568 million was pledged to drive investments in clean energy manufacturing.
The press statement took note of the US $30 billion catalytic fund, ALTÉRRA launched by COP28 host UAE on climate finance, unlocking private finance across the global South. The country has also announced US $200 million for Special Drawing Rights (SDRs) and US $150 million for water security. Meanwhile, the World Bank has increased US $9 billion annually to finance climate-related projects.
Government ministers and CEOs of leading businesses discussed accelerating the commercialization of hydrogen projects to help keep 1.5C within reach. Together they discussed how to unlock the socio-economic benefits of cross-border value chains for hydrogen and its derivatives.… pic.twitter.com/jQW05vEDUr
— COP28 UAE (@COP28_UAE) December 5, 2023
COP28 has mobilized over $57 billion so far!
— COP28 UAE (@COP28_UAE) December 4, 2023
Governments, businesses, investors and philanthropists have delivered an historical eight pledges and declarations in the first four days of COP28.
Announcements across the entire climate agenda, including on finance, health, food,… pic.twitter.com/r0RXggHZpg
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