Progress towards climate finance transformation at COP28

On the second day of the UN climate summit in Dubai, UAE, UK’s King Charles III delivered a message emphasising the lasting impact of today’s decisions on future generations. “In 2050, our grandchildren won’t be asking what we said, they will be living with the consequences of what we did or didn’t do,” he stated. King Charles III urged collective action to safeguard the planet, asserting that the welfare of all people hinges on the choices made today.

UK Prime Minister Rishi Sunak echoed this sentiment through an official announcement on his social media account. He disclosed a significant financial commitment of GBP1.6 billion for international climate finance projects at COP28. The allocated funds aim to protect forests, encourage private investment, and support renewable energy initiatives.

The official COP28 Presidency confirmed the UK’s pledge, a commitment to the Green Climate Fund, that underlines the determination to elevate the ambition required for a transformative COP28. The global call to sustain and build on this momentum encourages leaders to step up their efforts in addressing climate change and ensuring a resilient future for the planet.

The COP28 Presidency said it is intensifying its commitment to address climate finance challenges, placing it at the forefront of the action agenda. The ‘Transforming Climate Finance’ event at the World Climate Action Summit on 1 December served as a platform for global leaders to unite to support climate resilience and unlock accessible and affordable climate finance.

The World Bank Group has announced an ambitious financing package aligned with COP28 objectives. The institution is intensifying efforts to help people in developing countries cope with the impacts of climate change and create a more sustainable world for future generations. The World Bank Group is set to allocate 45 per cent of its annual financing to climate-related projects for the fiscal year from July 1, 2024, to June 30, 2025. This represents a substantial increase of over USD 40 billion, approximately USD 9 billion more than initially planned. The World Bank’s accelerated commitment builds on its 2021 goal to achieve an average of 35 per cent by 2025, surpassing expectations by maintaining an average of 36.3 per cent since July 2022.

As COP28 unfolds, these bold steps in climate finance transformation underscore a collective dedication to mitigating climate change impacts and fostering a sustainable future for all. The commitments made by global leaders at this critical juncture signify a turning point in the fight against climate change, emphasising the imperative to act swiftly and decisively. (nsh)

Banner photo: HM King Charles III speaks during the World Climate Action Summit Opening Session at Al Waha Theatre during the UN Climate Change Conference COP28 at Expo City Dubai on December 1, 2023, in Dubai, United Arab Emirates. (Photo: COP28/Christophe Viseux)

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