COP28 Secures $2.1 Billion

Foundations and private companies pledge at least $2.1 billion at COP28 to address climate impacts, particularly in agriculture and support for vulnerable communities. The pledges, emerging from a mix of foundations and private entities, accompanied various firsts at the UN climate talks, including forums on health, food production, and philanthropy. The funds, pledged over varying timelines, don’t fully encompass philanthropic commitments at COP28 but signal a significant financial commitment to climate-related initiatives.

Among the notable contributions is the Global Fund to Fight AIDS, Tuberculosis, and Malaria’s commitment to allocate 70% of its $9 billion budget to the 50 most climate-vulnerable countries over the next three years. The Global Fund also collaborated with the World Health Organization, the Green Climate Fund, The Rockefeller Foundation, and COP presidency to launch principles for financing projects at the intersection of climate and health.

The COP28 summit also introduced the first Business & Philanthropy forum, providing foundations, donors, and corporations a more formal role during a time when COP28 leaders seek increased private sector financing. Philanthropic funding for climate change mitigation, however, showed minimal growth in 2022, partly attributed to global economic conditions.

The forum unveiled new blended finance vehicles, combining corporate investments and donations, and emphasized directing funding to Indigenous communities actively engaged in environmental protection.

While philanthropic efforts are appreciated, some stress the importance of government policies and regulations, particularly in reducing carbon emissions, to effectively address climate change. Advocates highlight the need for both increased funding and collaboration among funders and actors to tackle climate challenges comprehensively.

Several foundations made substantial commitments, including the Bezos Earth Fund’s $100 million pledge to support Pacific Island nations’ marine ecosystem protection plan and Bloomberg Philanthropies’ commitments to ocean protection, clean energy transition, and climate-resilient cities. The Bill & Melinda Gates Foundation and the UAE committed $100 million each to address food insecurity and agricultural challenges exacerbated by climate change. Additionally, the Gates Foundation, along with other funders, pledged $770 million to expand the Reaching the Last Mile Fund, aimed at eliminating neglected tropical diseases.

Overall, these pledges reflect a collective effort to confront climate challenges and support vulnerable communities on various fronts, emphasizing the need for diverse funding sources and collaborations.

_{Repurposed article originally published in AP News}