Climate Commitments: $2.1B for Health and Agriculture at COP28
With COP28 in Dubai concluding, foundations and private entities committed over $2.1 billion to address climate impacts, particularly in agriculture and vulnerable communities.
Philanthropic Commitments at COP28: Foundations and private companies, in collaboration with governments, pledged funds to combat climate change, focusing on agriculture and aiding vulnerable communities. The commitments, totaling at least $2.1 billion, were announced during the COP28 summit in Dubai.
Global Fund’s Historic Pledge: A significant development was the Global Fund’s commitment to allocate 70% of its $9 billion budget over the next three years to the 50 most climate-vulnerable countries. The move underscores the increasing recognition of the intersection between global health and climate change.
Firsts at COP28: COP28 witnessed pioneering discussions on health, food production, and philanthropy. The inclusion of the Global Fund and its focus on climate-vulnerable nations highlighted a shifting emphasis toward addressing climate impacts on public health.
Business & Philanthropy Forum: The summit featured the inaugural Business & Philanthropy forum, providing foundations and corporations a formal role. The forum introduced new blended finance vehicles, encouraging corporate investments and donations for climate initiatives.
Challenges in Philanthropy Growth: A report by the ClimateWorks Foundation revealed that philanthropic funding for climate change mitigation remained stagnant in 2022 due to global economic conditions, including increased inflation. The need for increased collaboration and funding was emphasized.
Indigenous Peoples and Climate Funding: The forum proposed directing funding to Indigenous peoples actively engaged in environmental protection. While welcomed, there is cautious optimism, with emphasis on the necessity of Indigenous representation and involvement in decision-making processes.
Calls for Government Action: Despite philanthropic efforts, voices like Ozawa Bineshi Albert from the Climate Justice Alliance stressed the indispensable role of government policies and regulations, particularly in reducing carbon production.
Sequoia Climate Foundation’s Initiatives: The Sequoia Climate Foundation pledged $450 million over three years to reduce methane and other pollutants. The foundation continues to advocate for ambitious renewable energy targets and fossil fuel phase-out agendas.
Diverse Philanthropic Commitments: The Bezos Earth Fund committed $100 million to support Pacific Island nations in marine ecosystem protection. Bloomberg Philanthropies focused on oceans, clean energy, and climate-resilient cities. The Bill & Melinda Gates Foundation allocated $100 million to address food insecurity and pledged $770 million collectively for neglected tropical diseases.
Global Health Challenges: Peter Sands of the Global Fund emphasized the urgency of using existing global health structures to alleviate the burden on individual health systems. Climate change exacerbates health inequities, necessitating swift action.
Thus, the COP28 summit witnessed historic philanthropic commitments addressing the intersection of climate change with health and agriculture, signaling a collective effort to combat the pressing challenges of our time.
Re-reported from the article originally published in The AP News
