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
| Initiative/Commitment | Details |
| 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. | |
| Fossil Fuels | 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. | |
| Nuclear Energy | 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. | |
| Cooling Pledge | 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. |
