Climate finance was expected to be a major agenda item for this COP, so it comes as no surprise to find it dominating coverage of this summit so far.
Often described as the ‘master key’ needed to unlock climate action, climate finance is a central focus area of the COP presidency’s plan of action to deliver on the pillars of the Paris Agreement. These four focus areas are:
- fast-tracking the energy transition
- fixing climate finance
- putting nature, people, lives and livelihoods at the heart of climate action
- underpinning everything with full inclusivity.
In his opening speech UN Climate Change Executive Secretary Simon Stiell laid out a vision for the next two years and what is expected of countries, i.e. “every single commitment – on finance, adaptation, and mitigation – has to be in line with a 1.5 degree world”. UK’s King Charles III used his opening speech to appeal to countries to unlock more capital for the energy transition and UN Chief Antonio Gutérres warned that "Earth’s vital signs are failing", before urging a faster transition to renewable energy.
A new Loss and Damage Fund was established on the first day of COP (30 November) which will aim to keep up with the rising costs caused by extreme weather and slow-onset disasters such as sea level rise, ocean acidification and melting glaciers. The cost of loss and damage is estimated to be over $400bn annually. The initial funding for the Loss and Damage fund is close to US$429m, with $245m coming from the EU, including $100m pledged by Germany, which was matched by a pledge of $100 million from the UAE and $75 million from the UK. UAE President Mohammed bin Zayed Al Nahyan subsequently announced a $30bn fund for "global climate solutions" to be put into a climate finance vehicle called Alterra. The US has pledged $17.5 million, and Japan $10 million.
Agriculture and food also dominated discussions. COP28 President Sultan Al Jaber announced a new major declaration on the future of food which some 134 countries have signed up to, including major food producers and consumers.
The first of three high-level events focusing on the global stocktake also got underway today, focusing first on adaptation. Delegates are expected to discuss how the stocktake’s outcome can bolster efforts for countries and communities to better adapt to the impacts of climate change.
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