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05/12/23 | 9:42 pm

COP28 makes significant progress in the first five days

COP28 President Dr. Sultan Al Jaber announced major achievements in the first five days of the conference, highlighting progress on finance, declarations, and Loss and Damage. The conference is on track to deliver an ambitious response to the Global Stocktake.

Key points:

Over $57 billion in pledges and commitments secured, including:

$30 billion from a new UAE catalytic fund

$725 million for Loss and Damage

$9 billion annually from the World Bank

$3 billion for the Green Climate Fund

$2.7 billion for health

$2.6 billion for nature

$2.5 billion for renewable energy

$1.2 billion for methane reduction

COP28 launched eight new declarations spanning sectors such as food systems, health, renewable energy, and heavy industries. A historic agreement was reached on Loss and Damage, with the fund operationalized and initial funding secured. The COP Presidency took a pioneering step by actively calling for language on all fossil fuels in the negotiated text, marking a significant first in COP history. The overarching objective remains to maintain the 1.5-degree Celsius target, requiring net-zero emissions by 2050 and a 43% reduction by 2030.

Vinod Kumar (UAE)

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