Over $57 Billion Is Raised At COP28 In Its First Four Days, Ushering In A New Age Of Climate Action.

In just the first four days of Over $57 billion COP28, governments, corporations, investors, and philanthropies have pledged nearly $57 billion (Dhs200 billion) across the climate agenda in a striking show of global cooperation.

Announcements on all aspects of the climate agenda, including finance, health, food, nature, and energy, have flooded in following the historic agreement reached on the first day to operationalize a fund for climate damage response.

With a focus on enabling private financing throughout the Global South, the UAE has established ALTÉRRA, a $30 billion catalytic fund, in relation to climate finance. Additionally, the nation has declared $150 million for water security and $200 million for SDRs. Furthermore, the World Bank has declared an increase in funding for climate-related initiatives of $9 billion per year. Additionally, $725 million has already been pledged in the first 48 hours of COP28, following the operationalization of an unprecedented response to loss and damage.

Furthermore, an announcement has been made to replenish the Green Climate Fund with $3.5 billion, while pledges of $2.7 billion have been made for health, $2.6 billion for the transformation of food systems, $2.6 billion for nature protection, $467 million for urban climate action, and $1.2 billion for relief, recovery, and peace.