The United Nations Climate Change Summit, commonly called the 28th Conference of the Parties (COP28), mobilized financing of more than US$ 83 billion, equivalent to Rp 1.28 quadrillion, in the first five days of the meeting. The funding is for sectors addressing the impacts and mitigation of climate change.

Governments, businesses, investors, and philanthropies have announced the funding to address the damage and prevent the impacts of climate change.

“The COP28 event is also the first declaration on the transformation of food and health systems, plus declarations on renewable energy and efficiency, as well as initiatives to reduce heavy emitting industries,” wrote the COP28 press release received by, Thursday (7/12).

The climate funding is:

  • The United Arab Emirates (UAE) has launched the US$30 billion ALTÉRRA fund. This fund emphasizes unlocking private finance in countries of the South. The UAE also announced US$ 200 million in funding for SDRs and US$ 150 million for water security.
  • The World Bank has announced an annual increase in funding for climate change-related projects by US$ 9 billion.
  • Loss and damage funds or compensation for damage due to climate change reached US$ 726 million, pledged by several countries.
  • Green Climate Fund worth US$ 3.5 billion
  • A health fund to address climate change-related diseases of US$ 2.7 billion.
  • The adaptation fund was set up at US$ 133.6 million.
  • Fund for Least Developed Countries (LDCs) of US$ 129.3 million.
  • A particular Climate Change Fund set up at US$ 31 million
  • Multilateral Development Banks (MDBs) announced a cumulative increase of more than $22.6 billion for climate action.

Impact of Climate Crisis in Indonesia
The impact of the climate crisis has been genuine for the people of Indonesia. Previously, 19 civil society organizations stated the effects of climate change in Indonesia on Saturday (2/12).

These impacts include increased frequency and intensity of floods, typhoons, storms, high waves, droughts, and other extreme weather events. In addition, climate change is also causing worsening forest and land fires that have burned 1 million ha of land in 2023, crop failure, the spread of new diseases and pandemics, damage to coral reefs and marine ecosystems, and the loss of islands and regions in Indonesia.

“As an archipelago in the tropics, Indonesia’s vulnerability to the impacts of the climate crisis is the 3rd highest in the world. If the climate crisis worsens, Indonesia’s economy (GDP) is expected to decline by 7% by 2100,” the statement read.

The world needs immediate climate action to avoid the dangers of climate crisis. Therefore, in this COP28 moment, Indonesian civil society, in an official statement on Saturday (2/12), called on the Indonesian government and the world to issue a firm political commitment and mandate to increase climate action equitably.

The 19 organizations are:

  1. Auriga Nusantara Foundation
  2.  HuMa Association
  3. Humanist and Social Innovation Foundation
  4. MADANI Berkelanjutan Foundation
  5. Perkumpulan Mandala Katalika Indonesia (Manka)
  6. Yayasan Penguatan Lingkar Belajar Komunitas Lokal (PIKUL)
  7. Institute for Essential Services Reform (IESR)
  8. EcoNusa Foundation
  9. Partnership for Governance Reform
  10. Intsia in Tanah Papua Foundation
  11. Transformasi untuk Keadilan Indonesia (TuK INDONESIA)
  12. Publish What You Pay (PWYP)Indonesia
  13. Forest Watch Indonesia (FWI)
  14. Yayasan Pusaka Bentala Rakyat
  15. Working Group ICCAs Indonesia
  16. Trend Asia
  17. WALHI National
  18. Indonesian Traditional Fishermen’s Union (KNTI)
  19. Koaksi Indonesia

COP28 occurred at Expo City Dubai, United Arab Emirates, from November 30 to December 12, 2023. The conference was attended by more than 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.

The UAE led the process for all parties to agree on a clear roadmap, accelerating progress through a pragmatic global energy transition and “leaving no one behind” for inclusive climate action.

Source: Katadata