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At this year’s United Nations climate summit, countries, development institutions, and businesses are pledging more money for everything from the energy transition to healthcare initiatives, technology investments, disaster relief, and more.
Hosts the United Arab Emirates said more than $83 billion had been mobilized during the first five days of the event. Here are some of the main COP28 finance pledges:
The biggest single deal of COP28 saw the UAE pledge $30 billion to a new fund to invest in climate-friendly projects across the globe, with $5 billion for the Global South.
The World Bank said it aims to increase climate funding to 45% of its total lending, which equates to an increase of $9 billion annually.
The Development Bank of Latin America and the Caribbean said it would invest more than $2 billion annually until 2030 in Latin America to fight climate change.
The Asian Development Bank said it will allocate $10 billion for climate investment in the Philippines between 2024 and 2029.
Japan and France said they would back a plan by the African Development Bank and Inter-American Development Bank to leverage International Monetary Fund Special Drawing Rights for climate and development.
UAE banks pledged to mobilize 1 trillion dirhams, or around $270 billion, in green finance.
Charitable donors including the Bezos Earth Fund joined forces with the World Bank’s private investment arm in a climate financing venture to try to generate $11 billion in investments in developing countries.
Loss and damage
After agreeing a deal on the first day of the event to launch a fund to help poorer countries deal with the impacts of climate change, total contributions by Wednesday, December 6, totaled $726 million.
Among countries to contribute were Italy with 100 million euros and the Netherlands with 15 million euros.
Green Climate Fund
The world’s largest international fund dedicated to supporting climate action in developing countries received pledges of $3.5 billion in the opening days of the event, including fresh funding from the United States.
Danish investment firm Copenhagen Infrastructure Partners said it would look to raise $3 billion for a new fund focused on building renewable energy projects from scratch in emerging and middle-income countries.
Middle East and North Africa-focused multilateral lender the Arab Energy Fund said it would invest up to $1 billion over the next five years in decarbonization technologies.
The United States gave multilateral lender Climate Investment Funds a $568-million loan to its Clean Technology Fund to support the development of low carbon technologies in emerging and developing economies.
The UAE, with a contribution of $100 million, was among backers of a new World Bank methane trust fund, which is meant to help reduce flaring and emissions of the powerful greenhouse gas.
Nearly a dozen philanthropies said they would invest $450 million over the next three years to help countries launch national actions to tackle methane.
The Bill & Melinda Gates Foundation and the UAE pledged a combined $200 million to help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adapt to climate change.
The World Bank said it would broaden the scope of Climate Resilient Debt Clauses – which pauses debt repayments when natural disasters strike – in its loans to cover all existing World Bank loans for the most vulnerable countries.
The UAE, Britain, Germany, and the United States were among countries to contribute just over $300 million to a new climate disaster fund. – Rappler.com
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