Sustainable Biz #5 - Magazine - Page 11
Office for Disaster Risk Reduction and the
UN Office for Project Services will host the
secretariat of the Santiago Network for Loss
and Damage. This platform will catalyse
technical assistance to developing countries
that are particularly vulnerable to the
adverse effects of climate change.
Parties agreed on targets for the Global Goal
on Adaptation (GGA) and its framework,
which identify where the world needs to get
to in order to be resilient to the impacts of
a changing climate and to assess countries’
efforts. The GGA framework reflects a global
consensus on adaptation targets and the
need for finance, technology and capacitybuilding support to achieve them.
Climate finance took centre stage at the
conference, with Stiell repeatedly calling it
the “great enabler of climate action.”
The Green Climate Fund (GCF) received a
boost to its second replenishment with six
countries pledging new funding at COP28
with total pledges now standing at a record
USD 12.8 billion from 31 countries, with
further contributions expected.
Eight donor governments announced
new commitments to the Least Developed
Countries Fund and Special Climate Change
Fund totalling more than USD 174 million
to date, while new pledges, totalling nearly
USD 188 million so far, were made to the
Adaptation Fund at COP28.
However as highlighted in the global
stocktake, these financial pledges are far
short of the trillions eventually needed to
support developing countries with clean
energy transitions, implementing their
national climate plans and adaptation
efforts. In order to deliver such funding, the
global stocktake underscores the importance
of reforming the multilateral financial
architecture, and accelerating the ongoing
establishment of new and innovative sources
of finance.
At COP28, discussions continued on
setting a ‘new collective quantified goal on
climate finance’ in 2024, taking into account
the needs and priorities of developing
countries. The new goal, which will start
from a baseline of USD 100 billion per year,
will be a building block for the design and
subsequent implementation of national
climate plans that need to be delivered by
2025.
Looking ahead to the transitions to
decarbonised economies and societies that
lie ahead, there was agreement that the
mitigation work programme, which was
launched at COP27, will continue until
2030, with at least two global dialogues held
each year.
World leaders at COP28 were joined
by civil society, business, Indigenous
Peoples, youth, philanthropy, and
international organisations in a spirit of
shared determination to close the gaps to
2030. Some 85,000 participants attended
COP28 to share ideas, solutions, and build
partnerships and coalitions.
The decisions taken also reemphasise the
critical importance of empowering all
stakeholders to engage in climate action; in
bIZ4BIZ.ORG
11
