Why is it in the news?
- COP28, hosted by the oil-rich United Arab Emirates, secured a significant breakthrough with over $85 billion and 11 pledges during two weeks of negotiations, culminating in a landmark deal advocating for a decisive “transition away” from fossil fuels.
Some of the Key Initiatives
|Loss and Damage Fund
|Launched to assist vulnerable countries in coping with climate disasters.
|Received approximately $792 million in pledges, falling short of the $100 billion annually sought by developing nations.
|Green Climate Fund (GCF)
|Received a $3.5 billion boost to its second replenishment.
|Included a significant $3 billion promise from the United States.
|Renewable Energy Commitment
|132 countries committed to tripling global renewable energy capacity by 2030.
|Pledged to double the annual rate of energy efficiency improvements.
|Powering Past Coal Alliance (PPCA) gained over 10 new members, including the US and the UAE.
|Over 80% of OECD and EU countries are now committed to the alliance.
|Colombia, a major fossil fuel producer, joined the Fossil Fuel Non-Proliferation Treaty Initiative.
|Over 20 countries, led by the US, called for tripling the world’s nuclear energy capacity by 2050.
|Food and Farming
|Nearly 160 countries prioritized food and agriculture systems in national climate plans.
|Non-binding declaration welcomed but criticized for lacking concrete goals and not addressing fossil fuels.
|Health at the Heart of Climate Action
|Over 140 countries signed a declaration prioritizing health in climate action.
|Emphasized addressing climate-related health impacts like extreme heat, air pollution, and infectious diseases.
|60+ nations committed to reducing emissions of energy-guzzling cooling equipment by at least 68% globally by 2050.
|Aims to provide sustainable cooling for an additional 3.5 billion people facing rising temperatures.
|UAE Climate Investment Fund (Alterra)
|UAE pledged $30 billion to a new private climate investment fund called Alterra.
|Focuses on climate projects in the developing world and aims to stimulate $250 billion in investments by 2030.