COP28: The deals so far

COP28: The deals so far

#climate and sustainability
From historic agreements on Loss and Damage, to transformative declarations on food systems and health, COP28 could mark a monumental shift in how the world addresses environmental challenges. Here are some of the deals announced so far.

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COP28 has mobilized over $83 billion in funding, setting the pace for a new era in climate action. 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. The following are the key financing developments at COP28 so far:

11 pledges and declarations have been launched and received historic support.

On day one of COP28, the Presidency facilitated a historic agreement to operationalize and capitalize funding for Loss and Damage, supporting those on the front lines of the climate crisis with US$792 million already pledged to date.

US$3.5 billion in new money was announced to replenish the Green Climate Fund (GCF) 

US$134 million announced toward the Adaptation Fund

US$129.3 million announced toward the Least Developed Countries Fund (LDC)

US$31 million to the Special Climate Change Fund (SCCF)

UAE launched a US$30 billion catalytic fund, ALTÉRRA, to drive positive climate action. The fund seeks to mobilize an additional US$250 billion globally.

The UAE committed US$200 million to help vulnerable countries through Special Drawing Rights (SDRs) and US$150 million to fund water scarcity solutions.

The World Bank announced an increase of US$9 billion annually for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks (MDBs) announced a cumulative increase of over US$22.6 billion toward climate action. 

The full breakdown of pledges and declarations so far:

The Global Renewables and Energy Efficiency Pledge has been endorsed by 130 countries. 

The COP28 UAE Declaration on Agriculture, Food, & Climate has received endorsements from 153 countries. 

The COP28 UAE Declaration on Climate and Health has been endorsed by 141 countries. 

The COP28 UAE Declaration on Climate Finance has been endorsed by 13 countries.

The Global Cooling Pledge has been endorsed by 66 countries.

The COP28 UAE Declaration on Climate Relief, Recovery & Peace has been endorsed by 78 countries and 40 organizations.

The COP28 UAE Declaration on Hydrogen and Derivates has been endorsed by 37 countries. 

The COP28 UAE Declaration on Gender-Responsive Just Transitions has been endorsed by 78 countries. 

The Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge has been endorsed by 67 countries.

The Oil and Gas Decarbonization Charter has been endorsed by 52 companies, representing 40 percent of global oil production.

The Industrial Transition Accelerator has been endorsed by 35 companies and six industry associations, including the World Steel Association, the International Aluminium Institute, the Global Renewable Alliance, the Global Cement and Concrete Association, the Oil and Gas Climate Initiative and the International Air Transport Association.

Breakdown of financial pledges and contributions so far:

Loss and Damage: US$792 million

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

Adaptation Fund: US$134 million

Least Developed Countries Fund: US$129.3 million

Special Climate Change Fund (SCCF): US$31 million 

Renewable Energy: US$5 billion

Cooling: US$57 million

Clean Cooking: US$30 million

Technology: US$568 million

Methane: US$1.2 billion

Climate Finance: US$30 billion from UAE, US$200 million in Special Drawing Rights, and US$31.6 billion from Multilateral Development Banks (MDBs)

Food: US$3.1 billion

Nature: US$2.6 billion

Health: US$2.9 billion

Water: US$150 million

Gender: US$2.8 million

Relief, Recovery and Peace: US$1.2 billion

Local Climate Action: US$467 million

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