At COP28, climate finance takes centre stage

(The Third Pole, 3 Nov 2023) COP28 will be judged on its solutions to questions of climate finance – for mitigation, adaptation, and loss and damage – all of which are deeply contentious issues.

More than any previous year, this year’s UN climate conference, COP28, is likely to be judged on its ability to deal with climate finance. The hosts, the United Arab Emirates (UAE), have implied this already in their stated aims for the summit, which rest on the four pillars of i) fast-tracking the energy transition; ii) fixing climate finance; iii) focusing on people’s lives and livelihoods; and iv) full inclusivity.

All of these are either directly related to climate finance, or can only be achieved by delivering climate finance properly. No longer can climate finance be considered a stand-alone issue. It is central to achieving almost all goals on the climate agenda. This is not just limited to the formal negotiations at the UN climate summits, but also deliberations outside the COP as well.

The programme for this year’s COP underlines the importance that the UAE is placing on the topic of climate finance. A tradition developed in previous COPs is to have a day dedicated to issues of key importance, and 4 December 2023 has been allocated to discussion of climate finance.

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The Third Pole, 3 Nov 2023: At COP28, climate finance takes centre stage