On Monday, December 4, COP28 witnessed a cascade of pivotal moments. Here are the day's highlights:
1- UAE Banks Pledge AED 1 Trillion in Green Finance:
- In an unprecedented move, UAE banks committed a staggering AED 1 trillion ($270 billion) in green finance at COP28. This substantial pledge aims to accelerate sustainable finance, foster sustainability, and drive climate action by 2030. Read more
2- COP28 Mobilizes Over $57 Billion in Four Days:
- The first four days of COP28 witnessed a historic mobilization of over $57 billion, setting a new standard for climate action. Governments, businesses, investors, and philanthropies demonstrated global solidarity with eight pledges and declarations across various climate initiatives. Details
3- Arab Energy Fund (APICORP) Commits Up to $1 Billion for Decarbonization:
- Formerly known as APICORP, the Arab Energy Fund announced plans to invest up to $1 billion over the next five years in decarbonization technologies. This aligns with their five-year strategy to 2028, supporting the regional energy transition towards net-zero goals. Details
4- ReNew Energy Global Inks $5.3 Billion Pact with Asian Development Bank:
- ReNew Energy Global signed a significant pact with the Asian Development Bank (ADB) for an initial funding of $5.3 billion. The Memorandum of Understanding (MoU) identifies potential investments in renewable energy projects, manufacturing, carbon offset projects, and green hydrogen to jointly support a sustainable energy transition. Learn more
5- Asian Development Bank Commits $10 Billion Climate Finance for Philippines:
- The Asian Development Bank (ADB) disclosed its commitment to provide $10 billion in climate finance for the Philippines between 2024 and 2029. This funding will aid the Philippines in implementing its climate action commitments under the Paris Agreement. Read more
6- Rockefeller Foundation's Initiative to Phase Out Coal Plant in the Philippines:
- The Rockefeller Foundation, in collaboration with ACEN Corporation and the Monetary Authority of Singapore, introduced the Coal to Clean Credit Initiative (CCCI). This initiative explores a pilot project in the Philippines using carbon finance to phase out a coal-fired power plant and replace it with renewable energy. Explore the details
As COP28 progresses, these developments mark a pivotal moment in global efforts towards a sustainable and resilient future.
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