Abu Dhabi – The UAE will continue to play a leading role in climate diplomacy after handing over the COP Presidency next week. At COP28 last December, the UAE launched an unprecedented “Action Agenda” that introduced targets and norms across every sector affected by and contributing to climate change.

The Action Agenda – created in addition to the formal negotiations that delivered the historic UAE Consensus – was anchored by 11 major pledges, including the first-ever declarations on food systems transformation and health. More than $85 billion of climate finance was mobilized, including the UAE’s launch of ALTÉRRA, a $30 billion catalytic climate investment vehicle.

Centered on fast-tracking a just and orderly energy transition; fixing climate finance; investing in nature, lives and livelihoods; and fostering inclusivity, the Action Agenda set the pace for a new era of climate action that leaves no one behind.

It engaged a record number of world leaders, ministers, civil society, local communities, Indigenous Peoples, youth, and private sector executives, fostering robust, positive climate outcomes that raised the bar for inclusivity.

The COP28 Business and Philanthropy Forum welcomed more than 1,300 global business and philanthropic leaders to advance progress on net-zero and nature-positive action, with $7 billion committed to support biodiversity and climate goals.

Energy

COP28 notably laid out a roadmap to transform the energy sector, centered on tripling renewable energy and doubling energy efficiency by 2030.  One of the related outcomes was the Global Decarbonization Accelerator (GDA), an umbrella for energy decarbonization.

Among its initiatives is the Oil and Gas Decarbonization Charter, endorsed by 55 oil and gas companies covering more than 43% of global oil production. Signatories have committed to zero methane emissions and ending routine flaring by 2030, and achieving net-zero operations by or before 2050. Several companies, including PetroChina, Oil India, and Var Energi, have joined the Charter this year.

The Industrial Transition Accelerator, also under the GDA, aims to accelerate decarbonization across six heavy-emitting sectors which together represent 30% of energy emissions. Today, membership includes 36 companies and six industrial associations, with its secretariat hosted by the Mission Possible Partnership (MPP).

To support the reduction of methane and non-CO2 gasses, COP28 launched the Global Flaring and Methane Reduction Partnership, a multi-donor trust fund focused on accelerating the reduction of methane emissions. The partnership has pledged to provide $255 million to reduce emissions in developing countries, with the UAE, the largest current donor, committing $100 million.

Nature, lives, livelihoods, and finance

The UAE continues to bring under-represented and emerging sectors into the climate mainstream.

The UAE is helping to implement the COP28 UAE Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action – endorsed by 160 heads of state and government – through a $200 million food innovation partnership with the Gates Foundation targeting vulnerable smallholder farmers. The UAE is also working with the Food and Agriculture Organization of the United Nations (FAO) and the World Bank to invest in countries that want to increase their food-related climate targets for 2025.

One of the breakthroughs of the Action Agenda was the COP28 UAE Declaration on Climate Relief, Recovery and Peace, which for the first time recognized the severe financing gap in countries facing conflict and humanitarian situations. 94 countries and 43 organizations will make new announcements in Baku on how they are closing that gap.

In addition to securing universal support for the goal to end deforestation by 2030, the UAE’s High-Level Champion, Razan Al Mubarak, has mobilized hundreds of new companies to sign up to the Taskforce on Nature-related Financial Disclosures, a nature impact reporting framework. The UAE has also committed $100 million to nature-climate projects, with a first tranche in Ghana and Indonesia to be reported at COP29.

Launched in collaboration with Bloomberg Philanthropies and endorsed by 74 nations, the Coalition for High Ambition Multilevel Partnership (CHAMP) for Climate Action is integrating local and regional actors into federal climate strategies.

The Global Cooling Pledge and the COP28 UAE Gender-Responsive Just Transitions and Climate Action Partnership are also gaining new endorsements, 71 and 82, respectively.

Cutting across all sectors, the COP28 UAE Leaders’ Declaration on a Global Climate Finance Framework has now been endorsed by 15 countries, including new signatories such as Brazil, the current G20 Presidency, and Sweden. Its growing global recognition is building momentum towards making finance more available, accessible and affordable.

Reinforcing the Multilateral Climate Action Model

Despite a complex geopolitical landscape, COP28 proved that multilateralism can still deliver.  By bringing everyone to the table and addressing such a wide range of sectors, the Action Agenda set a new benchmark in inclusivity, solidarity and climate action.

It delivered real-world results on top of the negotiated outcomes, setting the stage for enhanced climate ambition during this critical decade of action that leaves no one behind.