Lack of progress on finance and negotiations at COP28
The Adaptation Finance Pledging Event at COP28 has raised approximately $169m – 56% of what was hoped for. Overall, pledges for adaptation finance at the negotiations in Dubai are well below what is needed. It is also clear many areas of negotiation including mitigation, the Global Stocktake and the Global Goal on Adaptation are not progressing well. Reacting to these developments, Ebony Holland, policy lead for nature and climate for IIED, said:
“After a strong start, climate negotiations in Dubai are in danger of falling off track. The number of issues that will be sent forward for ministers to address in the second week is incredibly high.
"And the COP28 president has lost a lot of political capital because of the lack of clarity over the UAE’s own oil and gas expansion when it’s clear that fossil fuels must be phased out.
“Pledges of finance to support countries to adapt to climate change are barely half of what they should be and there’s concern that some of these funds could be pledges to the new Loss and Damage Fund that are being double-counted.
“Leaders at COP28 must commit substantially more money in the form of grants, not loans, to support vulnerable countries to adapt to the impacts of climate change.
"And it is critical that the people and communities most affected, and who have done the least to cause climate change, are the ones who decide how the money is spent. This is lacking at COP28 and undermining trust.”