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Pledges made at the COP28 Climate Talks

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 FundLaunched 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 Commitment132 countries committed to tripling global renewable energy capacity by 2030.
Pledged to double the annual rate of energy efficiency improvements.
Fossil FuelsPowering 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.
Nuclear EnergyOver 20 countries, led by the US, called for tripling the world’s nuclear energy capacity by 2050.
Food and FarmingNearly 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 ActionOver 140 countries signed a declaration prioritizing health in climate action.
Emphasized addressing climate-related health impacts like extreme heat, air pollution, and infectious diseases.
Cooling Pledge60+ 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.

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