Day 2:  Revolutionizing COP28: A Day of Innovation and Global Commitment for Climate Finance, Energy and Sustainable Agriculture 

Introduction:

December 1^st, the second day of COP28, marked a pivotal day at COP28 in Dubai, where global leaders converged for transformative discussions on climate finance, energy transition, and sustainable agriculture. COP28 President Dr. Sultan Al Jaber took the stage at the World Climate Action Summit (WCAS), unveiling groundbreaking initiatives that promise to reshape the landscape of climate action.

COP28 UAE Declaration on a Global Climate Finance Framework:

Innovative Thinking Unleashed:

• Dr. Al Jaber’s address at WCAS unveils the COP28 finance agenda.
• Emphasis on “innovative thinking for financing the new climate economy.”

Holistic Approach with The Declaration:

• Launch of the COP28 UAE Declaration in response to the Global Stocktake.
• Goal: Keeping 1.5°C within reach and meeting the Paris Agreement objectives.
• Dr. Al Jaber highlights the framework as a solution to the challenges in climate finance accessibility.

ALTÉRRA and Private Climate Vehicle:

• Introduction of ALTÉRRA, the largest private climate vehicle.(This was launched by the host of COP28, UAE, as a contribution from their country to the battle against global climate change)
• ALTERRA starting from 30 billion US dollars aiming to mobilize $250 billion of private-sector investment by 2030.
• Combining private and public capital to channel investments into climate solutions globally.

High-Level Dialogues on Energy Transition:

• Dr. Al Jaber and Dr. Fatih Birol’s presented the  Summary of pre COP High-Level Dialogues.
• Call-to-action: Accelerate the energy transition and keep 1.5°C within reach.
• Participation of ministers, decision-makers, and CEOs from 40+ countries and 20 organizations.

Concrete Action for a Clean Energy Transition:

• Consensus on tripling global renewable energy capacity and doubling energy efficiency.
• Parallel focus on phasing down fossil fuel demand and supply, setting methane emission targets.
• The imperative for collective action and the role of public-private collaboration.
• The call to significantly scale up climate finance with the IEA estimating $4.5 trillion annually.
• Governments and financial institutions urged to de-risk investments and reduce capital costs.
• Emphasis on addressing the energy transition in a “just and orderly” manner.

COP28 Declaration on Sustainable Agriculture:

• Landmark Commitment and Funding:
• Announcement that 134 world leaders signed the agriculture, food, and climate action declaration.
• Mobilization of over $2.5 billion in funding for food security and climate change.
• New partnership between the UAE and the Bill and Melinda Gates Foundation for food systems innovation.

Global Impact and Signatory Countries:

• The COP28 UAE Declaration on Sustainable Agriculture addresses both global emissions and farmer livelihoods.
• Signatory countries, home to over 5.7 billion people and 500 million farmers, commit to reducing emissions.
• Aligning with UN Sustainable Development Goals, the Declaration emphasizes common action on climate change.

Conclusion:

COP28’s second day witnessed a confluence of visionary initiatives, reflecting a collective commitment to address the urgent challenges of our time. From redefining climate finance to shaping a sustainable energy future and revolutionizing agriculture, the global community showcased a united front in the pursuit of a resilient and equitable world. Seconda Day of COP28 , indeed marks a turning point in the fight against climate change, promising lasting change for families, farmers, and the future.