The COP28 UAE Declaration on a Global Climate Finance Framework, unveiled on December 1 in response to the Global Stocktake, is a pivotal step towards maintaining the target of limiting global warming to 1.5°C as outlined in the Paris Agreement. COP28 President Dr. Sultan Al Jaber emphasized the pressing need for more available, accessible, and affordable climate finance, recognizing its profound impact on communities across the Global South.
Endorsed by the leaders of twelve countries, including Barbados, Germany, France, Colombia, Ghana, Kenya, India, Ireland, Philippines, Senegal, UAE, UK, and USA, the Declaration signifies a framework poised to revolutionize climate financing. Its primary focus is rebuilding trust, redefining climate investments as economic opportunities, and scaling up climate finance.
Addressing the trust divide between the Global North and Global South, the Declaration draws inspiration from ongoing initiatives such as the Bridgetown Initiative, the Accra-Marrakech Agenda, the Paris Pact for People and Planet, the G20 New Delhi Leaders’ Declaration, and the African Leaders Nairobi Declaration on Climate Change and Call to Action.
Climate finance
This landmark launch coincides with significant strides in the climate finance agenda, including efforts to replenish the Green Climate Fund, fulfil the decade-old commitment to transfer $100 billion to vulnerable economies affected by escalating climate change, and an accord on Loss and Damage.
The Declaration aligns with the findings of the Independent High-Level Expert Group on Climate Finance (IHLEG), co-chaired by Nick Stern and Vera Songwe. IHLEG’s second flagship report, commissioned by the COP28 and COP27 Presidencies, identified that Emerging Markets and Developing Economies require $2.4 trillion in investments by 2030 to attain their climate goals.
Parallel to the Declaration’s launch, the UAE unveiled the Global Climate Finance Centre (GCFC), a pioneering private-sector-oriented institution serving as a hub for climate finance excellence in the region. The GCFC aims to provide research and capacity building to accelerate low-carbon, high-growth investments both locally and globally.
“The Global Climate Finance Centre will support the delivery of the Declaration by driving fit-for-purpose financial policies and project pipelines to unlock funds at an unprecedented scale,” said Dr Al Jaber. “The Global Climate Finance Centre and the Declaration will champion UAE’s commitment to making climate finance more available, accessible, and affordable.”
