In Part 1 of our post-COP28 analysis series we highlighted the stand-out agreements and their potential impact on humanity’s transition to a clean energy future. In Part 2, we’re looking at the detail of the monetary commitments made during the conference. While plans and roadmaps are essential precursors to climate action, money talks, and the amount of cash committed as part of each COP speaks volumes regarding the likely pace of progress for the following year.
COP28 saw a number of headline monetary pledges across a wide range of climate action points. From bolstering the Green Climate Fund (GCF) to record commitments on building new renewable energy capacity and novel climate financing approaches. While overall levels of funding are still way below the predicted minimum levels expert economists say are necessary to stave off the worst effects of climate change, they may still represent a viable baseline to build upon.