These are some of the most significant announcements from the first three days of COP28 in Dubai—and key takeaways for organizations and policymakers.
The UAE President Mohammed bin Zayed Al Nahyan announced a $30 billion fund for global climate solutions that aims to attract $250 billion of investment by the end of the decade. The parties to COP also pledged $700 million in funding to help lower-income countries cope with the loss and damage caused by climate change. The presidency also launched 10 principles to make finance available, accessible, and affordable.
More than 130 countries signed a declaration to include emissions from agriculture and farming into their national plans to tackle climate change. In addition, a group of 25+ leading food and agriculture organizations joined forces to scale regenerative agriculture, partnering with 3.6 million farmers to accelerate the transition of over 160 million hectares to protect the soil and limit carbon emissions.
Some 118 countries have agreed targets to triple renewable power generation capacity to 11,000 GW, and double energy efficiency this decade.
Fifty oil and gas companies pledged to reach near zero-methane emissions by 2030, and submit a plan to meet those targets by 2025. A fund was also announced for methane abatement projects in emerging markets and developing economies. The group of fifty firms also agreed to net zero greenhouse gas emissions from their operations by 2050.
For more detailed analysis and executive perspectives on the outcomes of COP28, please contact Edmond Rhys Jones.
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