COP28 takes place against the backdrop of increased financial needs to address climate change adaptation, mitigation, as well as loss and damage.

Just to mention, the 2023 UNEP adaptation gap report estimates the cost of adaptation in developing countries at US$215 billion per year this decade. For Africa, the continent requires at least $56 billion annually for adaptation alone by 2030. Between 2020 and 2030, African countries will require an estimated $2.8 trillion in funding to fund the continent’s conditional climate plans.

In his speech, COP28 president Sultan Al Jaber committed to doing his part to ensure COP28 unlocks climate finance for developing nations. On loss and damage, the Presidency gave the first major milestone of COP28, delivering a historic agreement to operationalize the Fund—though the World Bank is yet to review and agree to the technical commitment conditionalities—with the UAE announcing it would commit $100 million to the Fund.