COP28 – Day 2 Summary
COP28 site on day 2
“Earth doesn’t belong to us, we belong to the Earth”
- His Majesty King Charles III
What stood out for us on day 2 of the COP
His Majesty King Charles III, stated that "the hope of the world" rests on the conference. HM has been a lifelong environmentalist and was there when the landmark Paris Agreement was signed. With the auditorium packed by different world leaders, HM warned that the world was "dreadfully far off track" and emphasised the importance of unification in our efforts to work towards a net zero future. As he departed, he left everyone with a pondering statement that resonated with many, "the earth doesn’t belong to us, we belong to the earth". We hope this sparks humility and a sense of duty for all at COP28 to ensure we earn the right to keep ‘belonging’ on this one planet we call home.
The UAE announced it would contribute $30 billion USD to a new fund called Alterra, aimed at transitioning private sector capital, towards climate finance for the Global South. Along with the UAE, Alterra had other notable inaugural launch partners, which included BlackRock, Brookfield and TPG, all capital juggernauts. This fund is also going to be chaired by COP28 President Dr. Sultan Al Jaber, the current CEO of ADNOC (Abu Dhabi National Oil Company). Dr. Sultan al Jaber said that a fund’s "scale and structure will create a multiplier effect in climate focused investment, making it a vehicle like no other". Although this fund is a welcome announcement, the details around how it will work, who it will support and under what conditions are all to be detailed out.
Food system transformation event on Day 2
COP 28 also announced that 134 world leaders have partnered and signed the landmark Agriculture, Food and Climate Action declaration. Announcing that there will be a mobilisation of $2.5 billion USD in funding to support food security, as well as to combat climate change. Further the UAE and the Bill & Melinda Gates Foundation launched $200 million USD partnership for Food Systems, Agriculture Innovation and Climate Action. Will this be the first COP to recognise the importance of addressing climate impacts from food systems? This further work needs to be detailed out at this COP, as food systems are responsible for some 30% of global emissions. At the core of it is the need to address how food is produced, reducing food waste and a major shift in diets. The Global Stock Take needs to outline a path forward for all Nationally Determined Contributions to be improved in food systems.
A few notable points made by different world leaders and civil society are also worth reflecting on when thinking about the relative scale of the funding being announced and the importance of peace and stability. President Lula of Brazil outlined the discrepancy between how much more is spent on funding wars and weaponry, compared to climate change “the world spent more than US$2 trillion and 224 million dollars on weapons - this amount could be invested in fighting hunger and tackling climate change”. This point was also bluntly reinforced by Tasneem Essop of Climate Action Network International. King Abdullah of Jordan also outlined that the war in Gaza was making climate change worse for people there, making the situation of water, food security and refugees even worse. These are crucial points to address head on as this COP is seeking to integrate issues beyond climate. Climate action is only possible in a world that has peace and stability for everyone.
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