Over $57 billion mobilised in pledges and commitments in the first 4 days of COP28

COP28 mobilizes over $57 billion in the first four days to support priorities across the global climate agenda, setting the pace for a new era in climate action, according to the President of the conference presidency Sultan Al Jaber  

He highlighted the successes at the COP28 presidency press conference on Monday.

“In the first four days, I believe we have already set a high bar for delivery and there is a real sense of momentum, traction, positivity, and excitement. I also can tell you that there is real hope out there, across the site and across everyone I came across,” he said.

‘This is our opportunity to deliver a real, tangible paradigm shift that will course-correct and put us on the right track of keeping 1.5 within.

In his remarks, Sultan Al Jaber said, “I am pleased to say that we have also mobilized over $57 billion in new pledges and commitments only in the first four days: 30 billion in a new custom-tailored UAE catalytic fund that is 100% focused on solutions and bridging gaps to climate change; 725 million for Loss and Damage; $9 billion annually announced by the World Bank; over $3 billion for the Green Climate Fund; 2.7 billion for health; 2.6 billion for nature; 1.2 billion for relief, recovery, and peace; 2.5 billion for renewable energy; and 1.2 billion for methane reduction.”

“The science says that we must get to net zero emissions by 2050, and we must reduce emissions by 43% by 2030 in order for us to be able to keep 1.5 within reach. I have been very clear that my job and this mission, is to ensure that my North Star continues to be, and we stay laser focused on, keeping 1.5 within reach.

He said, “I know that there are strong views among some parties about the phase down or phase out of fossil fuels. And allow me to say this again, this is the first presidency ever to actively call on parties to come forward with language on all fossil fuels for the negotiated task text.”

“I respect facts, I respect numbers, and these are the facts on the ground. I have called on parties many times to find common ground, build consensus, and come to me with language that will work with all parties. This presidency is committed to delivering the highest ambition possible. I am committed and determined to deliver the most ambitious response to the Global Stocktake. Let‍‍`s give the process the space it needs. And if anything, judge us on what we will deliver at the end of this COP,” COP28 President Sultan Al Jaber said.

Mehedi Al Amin is a Senior Reporter of The Report, is reporting from Dubai, UAE.