This came in response to the pledges made by governments, companies, investors and charities worth about AED 210 billion (more than $ 57 billion) during the first four days of COP28, after reaching on the first day a crucial agreement to activate a global climate fund, focused on addressing the loss and damage caused by the repercussions of climate change, followed by a set of announcements and pledges across all climate action priorities, including finance, health, food, nature and energy.

Al Jaber added that the world gathered in the UAE to present an exceptional version of the conferences of the parties, expressing his aspiration to work with negotiators in the coming days to build on this momentum and achieve more achievements to protect humanity and the planet, and called on negotiators of all parties to work during the next two weeks in the spirit of union and partnership and to include everyone to provide a concrete and effective response to the global outcome, and to preserve the possibility of avoiding exceeding the rise in the earth's temperature level of 1.5 degrees Celsius, stressing his keenness to Cooperate with them and allow them to achieve these goals.

In terms of climate finance, the UAE has launched a AED 110 billion ($30 billion) stimulus fund, called Altera, focused on attracting and catalyzing private finance across the Global South, and announced the allocation of AED 735 million ($200 million) of SDRs to the IMF's Resilience and Sustainability Trust Fund to enhance climate resilience in developing countries, and AED 550 million ($150 million) for water security. reported an increase of 33 billion dirhams ($9 billion) annually to finance climate-related projects, and in the first forty-eight hours of COP28, following the activation of the Special Fund for Addressing the Damage of Climate Change, the total amount of its pledges exceeded 2.5 billion dirhams ($725 million).

In addition, a pledge of AED 12.8 billion ($3.5 billion) was announced to replenish the Green Climate Fund, a pledge of AED 9.9 billion ($2.7 billion) for health, a commitment of about AED 9.5 billion ($2.6 billion) for food systems development, a further AED 9.5 billion ($2.6 billion) for nature protection, AED 1.7 billion ($467 million) for climate action in cities, and AED 4.4 billion ($1.2 billion) for relief, recovery and peace.

In energy, AED 9.2 billion ($2.5 billion) was raised to increase renewables capacity, AED 4.4 billion ($1.2 billion) to reduce methane emissions, and AED 2 billion ($568 million) was pledged to stimulate investments in clean energy equipment manufacturing.

In total, some AED 210 billion (more than $57 billion) has been announced so far in the first four days, and the new pledges and announcements made at COP28 have received unprecedented global support.

Eight new declarations were launched that will help develop various aspects of global economic systems. These first-of-its-kind announcements cover areas such as health, food systems, sustainable agriculture and climate action, enhancing the productive capacity of renewable energy sources, raising energy efficiency, as well as initiatives to reduce emissions from emission-intensive industries. Three additional announcements will be issued over the next few days on hydrogen, refrigeration and gender, and the growing number of countries supporting these declarations and pledges demonstrates the success of the COP28 Presidency's efforts to host the most inclusive version of the COPs.

Among the most prominent details of these pledges and announcements issued to date:

  • COP28's pledge to triple the production capacity of renewables and double energy efficiency has been endorsed by 119 countries.
  • The UAE COP28 Declaration on Sustainable Food Systems, Agriculture and Climate Action has won the support of 137 countries.
  • The COP28 UAE Declaration on Health and Climate has been endorsed by 125 countries.
  • The COP28 UAE Pledge for Climate, Relief, Recovery and Peace has been joined by 74 countries and 40 organisations.
  • The UAE Climate Finance COP28 pledge has received the support of 12 countries.
  • The CHAMP pledge was endorsed by 64 countries.
  • The oil and gas emissions reduction compact saw 51 companies, representing 40 percent of global oil production, join.
  • The Industrial Transition Accelerator has been endorsed by 35 companies and 6 industry associations, including the World Steel Association, the International Aluminium Institute, the Global Renewable Energy Alliance, the World Cement and Concrete Association, the Oil and Gas Climate Initiative and the International Air Transport Association.

The COP28 Presidency welcomed the solidarity and support of the parties and non-state actors who provided their political and financial support. The Conference Presidency Group announced that it would continue its work to motivate and encourage all parties to intensify efforts and increase contributions.

Distribution of pledges and financial contributions to date:

  • Global Climate Fund for Loss and Damage: $725 million.
  • Green Climate Fund: $3.5 billion (second replenishment increased to $12.8 billion).
  • Increase renewable energy production capacity: $2.5 billion.
  • Stimulating investments in clean energy equipment manufacturing: $568 million.
  • Reducing methane emissions: $1.2 billion.
  • Climate finance: More than $30 billion from the UAE (plus $200 million in SDRs and an increase of $9 billion annually from the World Bank).
  • Food systems development and agriculture: $2.6 billion.
  • Protecting Nature: $2.6 billion.
  • Health: $2.7 billion.
  • Water: $150 million.
  • Relief, recovery and peace: $1.2 billion.
  • National climate action: $467 million.