Funds roll in for the loss and damage fund: Day 1 of COP28 saw more progress made on the loss and damage fund front than we’ve seen all year long, with countries pledging a combined USD 420 mn to seed the fund, helping developing nations in their fight against climate change.

Who committed? Five countries and the EU committed financing to the fund — host country, the UAE, and Germany pledged USD 100 mn each, while the EU said it will commit USD 145 mn. The UK (USD 40.6 mn), Japan (USD 10 mn), and the US (USD 17.5 mn) also made commitments, according to a statement.

Funds could start rolling out as soon as 1Q 2024: The World Bank, the fund’s interim host, could start doling out funds in three months, the bank’s senior managing director told Bloomberg. Meanwhile, World Bank head Ajay Banga told the Financial Times that the bank will not hand out any financing before “a raft of technical analysis” is completed.

The fund has been on hold for almost a year now: Little progress has been made on the landmark loss and damage fund over the past year after delegates from some 200 nations signed off on the pact at the close of COP27. On Thursday, around 200 nations agreed on the basic rules for how the fund should be run and elected the World Bank as interim host.

OTHER NOTABLE ANNOUNCEMENTS FROM THE FIRST DAYS OF COP28-

  • A USD 30 bn Emirati climate venture: The UAE is launching a USD 30 bn “catalytic climate vehicle” — dubbed Alterra — with the aim of improving access to climate funding for the Global South. The venture aims to mobilize USD 250 bn in green investments by 2030.
  • More climate financing courtesy of the IFC: The IFC and several major charity organizations launched the Allied Climate Partners, which aims to raise USD 11 bn earmarked for green projects in developing countries.
  • More renewable + nuclear commitments: Some 116 countries have committed to triple their renewable energy generation by 2030, while over 20 countries have inked a declaration with the aim of tripling nuclear capacity by 2050.

** Enterprise Climate will have in-depth coverage of all things COP28 starting tomorrow and until the summit wraps up.

EGYPT AT COP28-

We are in line for USD 270 mn in green funding: Egypt will ink some USD 270 mn worth of projects aimed at slashing the industrial sector’s carbon emissions, Environment Minister Yasmine Fouad told Asharq Business (watch, runtime: 4:08), adding that the projects will kick off at the beginning of 2024.

ALSO- El Sisi makes an appearance: President Abdel Fattah El Sisi attended day two of the climate summit, delivering a speech highlighting the necessary of financial and technical support for developing countries coping with climate change, according to an Ittihadeya statement.

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