Bubacarr Zaidi Jallow explained that COP28, which was held in the United Arab Emirates, delivered a new plan in addressing the mounting crisis posed by human-caused climate change.
He reminded that nations reached a landmark agreement to fund assistance for those most-impacted by climate change and also to ‘transition’ away from fossil fuels in energy systems.
“Progress was made on the new collective quantified goal (NCQG), which builds on the $100 billion pledged by developed nations to finance climate mitigation and adaptation initiatives in developing nations. Notably, that $100 billion goal has not yet been met (although it appears on track this year) and is far short of what is needed. COP28 saw an agreement to draft a post-2025 finance target ahead of COP29.”
DPS Jallow also reminded that the just ended COP 28 sought to build on collective progress and ensure that it becomes a defining milestone for Parties to accelerate action and deliver real results.
He declared that UAE President Mohammed bin Zayed Al Nahyan announced a $30 billion fund for global climate solutions that aims to attract $250 billion of investment by the end of the decade.
The parties to COP, he added, also pledged $700 million in funding to help lower-income countries cope with the loss and damage caused by climate change.
The presidency also launched 10 principles to make finance available, accessible, and affordable.
“The Green Climate Fund (GCF) received a boost to its second replenishment with six countries pledging new funding at COP28 with total pledges now standing at a record USD 12.8 billion from 31 countries, with further contributions expected.”
Eight donor governments announced new commitments to the Least Developed Countries Fund and Special Climate Change Fund totaling more than USD 174 million to date, while new pledges, totaling nearly USD 188 million so far, were made to the Adaptation Fund.
However, as highlighted in the global stock take, those financial pledges are far short of the trillions eventually needed to support developing countries with clean energy transitions, implementing their national climate plans and adaptation efforts.
At COP28, discussions continued on setting a ‘new collective quantified goal on climate finance’ in 2024, taking into account the needs and priorities of developing countries. The new goal, which will start from a baseline of USD 100 billion per year, will be a building block for the design and subsequent implementation of national climate plans that need to be delivered by 2025.
The event was attended by Heads of State and governments alongside leaders from Civil Society, business, youth, Indigenous Peoples’ organisations, frontline communities, science, and other sectors and groups to evidence progress and forward-looking policy and investment across all pillars of the Paris Agreement. The confab also provided the much-needed momentum and guidance and featured sector-specific segments with diverse representation alongside leader-level statements.
In addition, this year’s event saw about 200 participants registered, ranging from the Public sector, Civil Society and NGO’s (majority) and some international partners.
