COP28: UAE pledges $5 billion to support climate action

The UAE has pledged to raise AED 18 billion ($5 billion) to support climate action during COP28, hosted by Dubai.

COP28 saw the participation of more than 1,300 heads of state and government, business and philanthropic leaders, and heads of NGOs to work towards achieving climate targets and moving towards reducing emissions in industrial sectors.

The first day of the COP, which began on Friday, focused on engaging the private sector and philanthropic organizations in climate action, promoting innovation, and making a tangible and effective positive impact in many areas, including sustainable climate finance, coral reef recovery, green technology, the transition towards reducing emissions in the industrial and energy sectors, sustainable food systems, and the empowerment of SMEs.

“We need to leverage the private sector’s expertise, resources, and capabilities to reform climate finance mechanisms and provide funding for the countries and societies that need it, especially in the global south,” said Sultan Ahmed Al-Jaber, President of COP28.