COP28 has pledged more than $57bn in its first four days, including a start to the long anticipated ‘loss and damage’ fund. Other areas receiving funding pledges include finance, health, food, nature, and energy.

In the first 48 hours of COP28, after an historic response to loss and damage, $725m has already been pledged. However, whilst major nations were congratulating themselves on the achievement, some of those nations on the frontline of climate change were less enthusiastic, stating that the funds were too little and too late.

The concept of loss and damage has been fiercely debated over several climate conferences, and many nations have rejected demands to pay any ‘compensation’ for historical emissions, and despite the breakthrough, it is uncertain that all major economies will be fully won over, even after the principle was agreed at COP27.

On climate finance, the UAE launched a $30bn catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South. In addition, the World Bank announced an increase of $9bn annually to finance climate-related projects.

In addition, $3.5bn has been announced to replenish the Green Climate Fund, $2.7bn has been pledged for health, $2.6bn has been committed for food systems transformation, $2.6bn has been pledged to protect nature, $467m has been announced for urban climate action, and $1.2bn has been committed for relief, recovery and peace.

In terms of renewables, $2.5bn was pledges to renewables, $1.2bn for methane emission reduction and $568mwas pledged to drive investments in clean energy manufacturing.

Eight new declarations have also been announced that will help transform the global economy, including the first ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy emitting industries.

Additional declarations will be announced in the coming days on hydrogen, cooling, and gender.

---