On Day 2 of COP28 in the UAE, 170 Heads of States and Governments gathered to kickstart the proceedings for the World Climate Action Summit. The leaders showcased their national initiatives in addition to highlighting adverse effects of climate change on their lands, people, and biospheres. Most leaders also mentioned 2023 being hottest year in recorded history.
The Climate Action Summit will last two days, and leaders from various Parties will aspire to transform climate-related decisions into credible action plans, raise ambitions, and build upon previous COP and commitments. COP28 President H.E. Dr. Sultan Al Jaber also announced the COP28 UAE Declaration of Leaders on a Global Climate Finance Framework, setting out a roadmap for the future of climate finance. The declaration will rebuild trust, seize the economic opportunity of climate investments, and deliver at scale.
Dr. Sultan Al Jaber
UAE Special Envoy for Climate Change, and
Minister of Industry and Advanced Technology
Key announcements (01 December 2023)
Indian Prime Minister Modi called upon developed nations to achieve a complete reduction in carbon footprint intensity by 2050 and proposed India as the host for COP33 in 2028. Emphasizing India's unique model of development, Modi highlighted the nation's balance between ecology and economy (e.g., India has exceeded its emission intensity targets 11 years ahead of schedule). A Green Credit Initiative, which will focus on creating more carbon sinks - for example, plants, oceans, and soil that absorb more carbon from the atmosphere than they release, was also announced.
Globally, 134 nations endorsed the ‘COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action’. US Secretary Blinken announced a substantial contribution to food security through the Vision for Adapted Crops and Soils, pledging an additional USD 50 million on top of the initial USD 100 million commitment, and the Bill and Melinda Gates Foundation committed USD 200 million to support research and innovation in agriculture.
Climate finance has already become a key area of action at COP28, and continual focus is needed to meet global financing needs to address climate change. Notably, stakeholders shared experiences, opportunities, and challenges in facilitating access to and mobilization of climate finance in the Needs-Based Finance High Level Side Event.
a. The UAE committed USD 30 billion in catalytic capital to launch a groundbreaking climate-focused investment vehicle called ALTÉRRA. The fund will seek USD 250 billion in financing by 2030 and will focus on developing nations in the Global South.
b. Shortly after the UK King Charles III addressed the summit, calling for nations to take ‘genuine transformational action’ to address climate change, the UK announced a USD 2 billion contribution to the Green Climate Fund.
c. The 'Loss and Damage' fund, which was operationalized yesterday, garnered more than USD 420 million after just one day. Ajay Banga, World Bank Group President, emphasized the need for a governing board of beneficiaries, with the World Bank acting solely as a trustee. Additionally, a commitment of USD 40 billion, constituting 40% of the World Bank’s lending portfolio, has been earmarked for climate change mitigation and adaptation needs by 2025.