COP28 Catalyzes Significant Financial Commitments for Global Climate Action

December 13, 2023
COP28 in Dubai marked a significant stride in global climate action, mobilizing over USD 83 billion in the first five days. These funds are earmarked for renewable energy, decarbonizing heavy industries and addressing the climate crisis's impacts​​​​. A historic agreement was also reached to fund Loss and Damage, supporting those at the forefront of the climate crisis, with USD 726 million pledged to date.

Under the UNFCCC and Paris Agreement, developed countries have committed to providing USD 100 billion annually in climate finance, a goal yet to be fully realized​​​​. Despite the progress at COP28, concerns linger about the actual delivery of these funds​​. 

On the renewable energy front, global efforts are underway to triple renewable capacity by 2030, with current targets indicating a doubling from 3.4 TW in 2022 to 7.3 TW in 2030. This requires an annual increase of 17% in renewable deployment, a growth rate already achieved between 2016 and 2023​​. 

COP28 has catalyzed significant financial commitments and set ambitious targets for global climate action. These efforts align with the growing green technology and sustainability market, emphasizing the urgent need for enhanced global cooperation and investment in renewable energy and emissions reduction strategies. 

 

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On the renewable energy front, global efforts are underway to triple renewable capacity by 2030.

COP28 has catalyzed significant financial commitments and set ambitious targets for global climate action.

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