COP28 WORLD CLIMATE ACTION SUMMIT

PRESIDENCY SUMMARY
 COP28 WORLD CLIMATE ACTION SUMMIT - PRESIDENCY SUMMARY

On 1 and 2 December, 154 Heads of States and Government and 22 international leaders gathered for the
World Climate Action Summit (WCAS), signaling a new era of climate action on the road to 2030. In a
complex world, the WCAS provided an opportunity for the international community to unite behind a shared
commitment for more expansive and urgent climate action in response to the Paris Agreement’s first Global
Stocktake.

Following the successful adoption of the agenda and early adoption of the loss and damage decision, as
well as the immediate capitalization of the fund, world leaders were joined by civil society, business,
indigenous peoples, youth, philanthropy, and international organizations in a spirit of shared determination
and understanding of our need to unite, act and deliver urgently to close the gaps to 2030.

Leaders were clear in their unwavering ambition to keep the Paris goals within reach and shift to near-term
solutions

Against the backdrop of the hottest year on record and real-world impacts felt from Derna to Maui, leaders
emphasized the importance of our collective responsibility to course-correct, recognizing the range of
development starting points and pathways. Several countries outlined new sectoral commitments to reduce
emissions, including on methane, non-CO2 gasses and coal. The latest science from the Intergovernmental
Panel on Climate Change (IPCC) Sixth Assessment Report and the report from the technical phase of the
Global Stocktake (GST) set the context that the world is dramatically off track from pathways consistent
with keeping 1.5°C and the Paris goals within reach.

Across the Summit, leaders acknowledged the urgency of the moment and the importance of near-term
global solutions to close the gaps to 2030, taking account of different national circumstances. At this
historic COP and following the early adoption of the decision on loss and damage, many countries called for
an ambitious GST decision to inform actions beyond COP28, including a collective increase in ambition from
the next round of Nationally Determined Contributions (NDCs). Further progress was made in a series of
high-level GST events attended by Heads of State and Government and ministers, as well as non-Party
observers, and chaired by current and former High-Level Champions. The detailed outcomes of these
events will be published on the UNFCCC’s website.

Leaders from a broad range of countries also emphasized the need to agree an impactful Global Goal for
Adaptation that puts adaptation focus and action on par with mitigation. Recognizing the profound impact
of climate change, 18 countries took a further step to demonstrate the spirit of international solidarity and
made commitments totaling $725M to date towards the fund and funding arrangements related to loss
and damage, including $100M from the UAE. They celebrated the early adoption of the loss and damage
decision, welcoming the unique innovation of agreeing a substantive, landmark outcome on Day One of
COP28.
Leaders reiterated their commitment to transitioning to an energy system that keeps 1.5 degrees within reach

During a high-level roundtable on the energy transition, 22 Heads of State and ministers, as well as
business leaders met to discuss topics including the opportunities to triple renewables and double energy
efficiency, reflecting on the significant fall in the cost of clean technologies.

The leaders also highlighted the opportunities to cut emissions in every sector and to accelerate the
technology innovation to address scope 3 emissions, as well as the phase down of fossil fuels in support of
a transition consistent with limiting warming to 1.5°C. Leaders particularly stressed the importance of the
urgency of action, whilst recognizing the need to accelerate the mobilization of finance. They highlighted
the critical need in developing countries where finance and technology are prerequisites for a just energy
transition that responds to increased energy demand.

Under the banner of the Global Decarbonization Accelerator (GDA), a comprehensive COP28 energy
package was launched with leaders across sectors making strong commitments to accelerate a just,
equitable and orderly energy transition and to slash emissions. A spotlight was put on global and cross-
sector commitments to scale renewables and energy efficiency with 119 countries endorsing the Global
Renewables and Energy Efficiency Pledge, with endorsement still being received. A new initiative, the
Industrial Transition Accelerator (ITA), was launched to accelerate decarbonization in heavy emitting
sectors and transport globally with 35 companies joining. The Oil and Gas Decarbonization Charter (OGDC)
saw 51 companies, including 29 national oil companies, support its target to reach net zero emissions by
2050 or before, with 30 committing to near zero methane emissions for the first time. The Emirates
Breakthrough priority actions were also launched, to motivate further government action in hard to abate
sectors, supporting a pathway towards regulation.

The US-China-UAE Methane and Non-CO2 Gases Summit highlighted comprehensive action to unlock
substantial near-term temperature impact with over $1.2BN announced to support methane and other
non-CO2 greenhouse gases reduction across sectors in developing countries. Participants reiterated the
call for whole of economy NDCs encompassing methane and other non-CO2 greenhouse gas emissions (all
GHG emissions).

Throughout WCAS, leaders put a spotlight on the need to make climate finance more available,
accessible and affordable

Leaders emphasized that it would be impossible to meet the goals of the Paris Agreement if sufficient
finance could not be delivered, and called for a GST decision that enables the scaling up of finance and
investment for climate action.

Recognizing the urgency to move from billions to trillions to address the climate finance gap, particularly in
the Global South, leaders emphasized the need to transform the climate finance architecture to accelerate
the transition in an equitable and inclusive way that leaves no one behind. In response, the COP28 UAE
Declaration of Leaders on a Global Climate Finance Framework, co-developed and endorsed by 12
leading, representative countries laid out the contours of a new financial architecture through 10 principles
to make financing available, accessible, and affordable. The report of the Independent High Level Expert
Group on Climate Finance (IHLEG) that underpinned the preparation of the Declaration was released at the
beginning of COP28.
The WCAS marked remarkable progress in delivering in core areas of the Declaration to enhance the flows
of public, private and blended capital. In addition to the positive signal from Canada and Germany that the
$100BN will have been met this year, almost $3.16BN was pledged to the Green Climate Fund, bringing the
second replenishment to a historic total of $12.48BN, in addition to the $725M pledged to the fund and
funding arrangements related to loss and damage, and the contributions made to the Adaptation Fund.

The World Bank announced an increased climate finance target of 45 percent, committing to deploy over
$40BN per year by 2025, of which $9BN is additional, equally between mitigation and adaptation, and the
UAE committed $200M Special Drawing Rights to the Resilience and Sustainability Trust of the IMF. Many
countries also highlighted that more needs to be done to close the growing adaptation finance gap and to
address the global debt crisis that is holding many countries back from taking truly transformative steps in
their national transitions. A new Green Industrialization Initiative was announced with 12 African Heads of
State to rapidly scale up clean energy in Africa, building on the UAE‘s Green Investment Initiative from the
Africa Climate Summit in September.

Special emphasis was further given by many leaders to the need to unlock the potential of the private
sector. Several government and financial leaders put forward a series of bold steps, policy incentives and
innovative instruments to enable climate financing, including in the Global South, including the UAE’s
launch of the $30BN catalytic climate fund ALTERRA.

Leaders emphasized the need to put nature, lives and livelihoods at the heart of climate action

The Summit also gave a clear signal to prioritize protecting nature, lives and livelihoods and ensuring
sustainable development for all. 137 Heads of State and government unprecedently committed to new
ambition on food systems transformation within their national climate plans under the COP28 UAE
Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, alongside pioneering
regenerative agriculture and climate-food innovation financing commitments totaling $2.6BN. In a
watershed moment for climate and health, 125 countries endorsed the COP28 UAE Declaration on Climate
and Health, and finance providers mobilized an initial tranche of $1BN for climate and health solutions.

Nature also saw sharply increased political will for climate action, with forest-rich countries across Asia,
Africa, and South America, and ocean-rich countries in the Pacific introducing landmark investment plans to
simultaneously implement the Paris Agreement and new Global Biodiversity Framework, another recurring
theme of WCAS, particularly on the road to COP30. These countries also announced $2.59BN of underpinning
finance from public and private sources and emphasized the livelihoods and development goals of local and
indigenous communities. Water featured on the agenda for only the second time in a COP, with a focus on
water scarcity and access, toward which the UAE made a contribution of $150M. Multilateral Development
Banks committed to doubling their climate portfolio for water within three years. Over 150 businesses and
investors adopted the actions laid out in the Nature Positive for Climate Action call to action.
Inclusion and mobilization were central themes at WCAS with leaders highlighting the need to come
together in unity

The WCAS made a clear and powerful call for inclusive climate action and solidarity, highlighting the key
roles of civil society, women, youth, local leaders, faith-based communities, Indigenous Peoples and those
on the frontline of climate change. Children and youth delivered a strong set of policy demands through the
Global Youth Statement, which received input from over 750,000 youth, and was handed over for the first
time in a COP to HE Shamma as the Youth Climate Champion. Leaders emphasized the need to transform
education systems, and a $70M investment was announced to build climate resilient schools in vulnerable
countries. More than 500 mayors, governors and other local leaders participated in WCAS, including
through the dedicated Local Climate Action Summit, where the COP28 Presidency announced the
groundbreaking Coalition of High Ambition Multilevel Partners (CHAMP) Pledge - endorsed by 64
countries committing to partner with subnational governments on the next round of NDCs and other climate
plans and strategies. In total, nearly $470M was mobilized toward urban climate action.

Over 850 businesses and philanthropic participated in the Business and Philanthropy Forum and
announced $5BN in new funding to turbocharge the climate transition in emerging economies. Over 200
Small and Medium sized Enterprises, mainly from the Global South, joined to play their part in driving a
step-change in the development and deployment of climate tech solutions.

Outcomes across the WCAS built on and enhanced the work under the Marrakech Partnership for Global
Climate Action, led by the UNFCCC High-Level Climate Champions, as demonstrated at the launch of their
implementation roadmap of 2030 Climate Solutions.

The COP28 Presidency looks forward to working with a spirit of transparency and inclusivity with all
Parties and Observers to build on the momentum and direction set out by leaders to deliver a successful
outcome in Dubai as evidence of the multilateral unity that is required to keep 1.5°C within reach.