… eight pledges and declarations receive support, three more coming

YK Poudel 

Dubai, UAE—In a show of global solidarity governments, businesses, investors and philanthropies have announced over USD 57 billion across the climate agenda in the first four days of the 28th Conference of Parties (COP28) in Dubai. 

Bhutan has endorsed five declarations that concern the nation ranging from sustainable agriculture to health and renewable energy, among others. 

The United Arab Estates (UAE) is leading a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.  

After an agreement to operationalise a fund for climate impact response on day one, announcements have come in across the entire climate agenda, including on finance, health, food, nature, and energy. 

Bhutan has endorsed the declarations on sustainable agriculture, resilient food systems and climate action—which will be launched later this week for discussion on its implementation.

Moreover, Bhutan endorsed the declaration on climate and health launched yesterday. It is a commitment to meet and collaborate on plans and policies, health sectors, curbing the climate-induced impacts and reducing emissions among others.

A global cooling pledge which Bhutan has endorsed was also launched yesterday. 

The declaration on global renewables and energy efficiency pledge. The endorsement agreed by 116 countries as of yesterday is towards worldwide installed renewable energy generation capacity of at least 11,000 gigawatts. 

The fifth declaration is a coalition for high-ambition multi-level partnerships launched on December 2. The pledge is to collaborate among governments on climate strategies, maximization of efforts to limit temperature rise to 1.5 degrees and enhance adaptation measures.  

However, Bhutan did not receive any information on peace and climate finance declarations. 

At a global scale, under the COP28 Presidency, the UAE has launched a US dollar 30 billion catalytic fund on climate finance, with an emphasis on unlocking private finance across the Global South. The country has also announced US dollar 200 million for SDRs and US dollar 150 million for water security. 

In addition, the World Bank has announced an increase of US dollar 9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after a response to loss and damage was operationalized, US dollar 725 million has already been pledged. 

Further, US dollar 3.5 billion has been announced to replenish the Green Climate Fund, US dollar 2.7 billion has been pledged for health, US dollar 2.6 billion committed for food systems transformation, US dollar 2.6 billion pledged to protect nature, US dollar 467 million announced for urban climate action, and US dollar 1.2 billion for relief, recovery and peace. 

On energy, US dollar 2.5 billion was mobilized for renewables and US dollar 1.2 billion for methane emission reduction. US dollar 568 million was pledged to drive investments in clean energy manufacturing. 

Eight new declarations have been announced that will help transform every major system of the global economy. 

These include 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. 

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender. The number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP. 

Over 100 countries in each sector have endorsed the pledges and declarations thus far.

The breakdown of financial pledges and contributions so far shows that US dollar 725 million has been endorsed for Loss and Damage, US dollar 3.2 billion for Green Climate Fund, 2.5 billion towards renewable energy, US dollar 568 million for technology, US dollar 1.2 billion for methane management and over US dollar30 billion for climate finance. 

Moreover, the countries endorsed USD 2.6 billion for food, USD 2.6 billion for nature, USD 2.7 billion for health, USD 150 million for water, USD 1.2 billion for relief, recovery and peace, and USD 467 million for local climate action. 

COP28 President, Dr Al Jaber, during a presidency press conference, announced that his office was the first to actively call on parties to come forward will a discussion on fossil fuel, centered around science and its call to action. 

“The goal of COP28 Presidency is to keep 1.5 degrees Celsius within reach,” he said. 

To meet the goal, the world must get to net zero emissions by 2050, and reduce emissions by 43 percent by 2030.