In its first four days, COP28, the 28th Conference of the Parties, mobilized an unprecedented $57 billion in historic promises and declarations.
Over $720 million in commitments were received for the Loss and Damage Fund, and the Green Climate Fund received its largest-ever replenishment, totaling $12.5 billion. Furthermore, countries and worldwide donors have pledged more than $777 million to battle neglected tropical illnesses, which will benefit 1.6 billion people.
However, controversy surrounds COP28 President Sultan Al Jaber due to pronouncements on the phase-out of fossil fuels. Al Jaber defended his involvement, citing a pledge to cut global emissions by 43% by 2030. Despite the criticism, the UAE Banking Federation made a collective vow to raise over $270 billion by 2030, while the UK introduced climate-resilient loan conditions with Senegal.
Other notable developments include France and Japan's support for the African Development Bank's SDR facility, a $5.3 billion agreement between ReNew Energy Global and the Asian Development Bank, and the Arab Energy Fund's intention to invest up to $1 billion in decarbonization technologies. A consortium led by the Rockefeller Foundation also launched the Coal to Clean Credit Initiative, which aims to use carbon credits to retire a coal power station in the Philippines.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
