On the second day of COP28, significant developments unfolded:
1- Financing the New Climate Economy:
The UAE made a groundbreaking announcement with the launch of ALTÉRRA, a $30 billion climate-focused investment vehicle. This landmark initiative aims to mobilize $250 billion of institutional and private capital into climate action by 2030, marking the largest investment of its kind. Notably, $5 billion of ALTÉRRA will constitute the Transformation Fund, dedicated to incentivizing investment flows to developing countries, addressing critical climate investment needs in the Global South. Read more here
2- UAE's $200 Million Pledge to the IMF Resilience and Sustainability Trust:
The UAE demonstrated its commitment by pledging $200 million to the IMF Resilience and Sustainability Trust. This concessional financing, which includes lower interest rates, is expected to have a significant impact on building climate resilience in the most vulnerable countries and communities. Read more here
3- Prioritizing Food and Agriculture in National Climate Plans:
A positive development emerged as more than 130 countries agreed to prioritize food and agriculture in their national climate plans at COP28 in Dubai. Despite concerns about its silence on the role of fossil fuels, this move has been hailed by observers. Read more here
In this context, the daily events at COP28 demonstrate a strong commitment to achieving substantial changes and enhancing international collaboration to address the challenges of climate change.