In the closing plenary of the recent COP28, COP28 President Dr. Sultan Al Jaber remarked: “Everyone came together from day one. Everyone united, acted and delivered. We operationalised loss and damage… and started to fill the fund.”
“We mobilised more than USD85 billion in new financial commitments. We launched ALTÉRRA, the world’s largest catalytic private investor that is 100% focused on solutions to climate change. And we delivered world first after world first.”
With that in mind, we look at how much is being committed to the different funds announced at COP28 below.
LOSS & DAMAGE FUND
At COP27 last year, governments had announced a new fund to help particularly vulnerable developing countries to address loss and damage caused by climate change, including small-island states affected by hurricane damages. This year, a total of USD792 million is being committed. NRDC reported the recent pledges included:
- Italy
- France
- UAE
- Germany
- UK
ADAPTATION FUND
Created in 2021, the Adaptation Fund focuses on financing projects and programmes that help vulnerable communities in all developing countries to adapt to climate change. The fund accepts pledges on a rolling basis and COP28 announced that a total of USD166 million is being committed. As of 4 Dec, some of the recent pledges included:
- Germany
- Sweden
- Austria
- Spain
- France
For more information on the Adaptation Fund, click here.
LEAST DEVELOPED COUNTRIES FUND
Similar to the Adaptation Fund, the Least Developed Countries Fund (LDCF) was established in 2021 and provides support for adaptation programmes and projects solely for the 46 poorest countries in the world. It is also operated by the Global Environment Facility, with COP28 announcing USD129 million being committed for the fund including those from:
- Norway
- Canada
- Belgium
- Ireland
- Sweden
For more information on LDCF, click here.
SPECIAL CLIMATE CHANGE FUND
The Special Climate Change Fund has four financing windows:
A) adaptation to climate change;
B) technology transfer;
C) mitigation in selected sectors including energy, transport, industry, agriculture, forestry, and waste management; and
D) economic diversification of fossil-fuel-dependent countries
COP28 announced a total commitment of USD31 million to the Special Climate Change Fund with pledges from:
- Canada
- Spain
- The Netherlands
- Switzerlad
- United Stated
For more information on the SCCF, click here.
GREEN CLIMATE FUND
Established in 2010, the Green Climate Fund (GCF) is the largest multilateral climate fund in the world dedicated to climate change. The GCF operates on four-year replenishment cycles: after an initial capitalization in 2014, its first replenishment took place in 2019, and the second replenishment began this year. The pledging conference in October yielded USD 9.3 bn in pledges from 25 countries. The recent COP28 committed USD3.5bn, giving a current total of USD12.8bn with six new pledges from:
- Australia
- Estonia
- Italy
- Portugal
- Switzerland
- USA
For more information on the GCF, click here.
Photo Credit: COP28
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