Who is pledging climate finance at COP28, and how much?

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: At COP28, countries, development institutions, and businesses have pledged significant funds for various climate-related initiatives
• The UAE alone has mobilized over $83 billion in the first five days of the event

🔭 The context: These pledges aim to support everything from energy transitions and healthcare initiatives to disaster relief and technology investments in developing countries

🌍 Why it matters for the planet: The substantial financial commitments at COP28 reflect a growing recognition of the need for substantial investment in combating climate change and supporting sustainable development worldwide

⏭️ What's next: Negotiations will focus on the allocation and impact of these funds, which will be crucial to assess their effectiveness in addressing global climate challenges

💬 One quote: "We're expecting a robust, practical, and ambitious treaty." (Jennifer Morgan, German Climate Envoy)

📈 One stat: Notable pledges include the UAE's $30 billion for climate-friendly projects, the World Bank's aim to increase climate funding to 45% of total lending, and the Asian Development Bank's allocation of $10 billion for climate investment in the Philippines

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