Business and philanthropy forum mobilises $5bn

REUTERS/Thomas Mukoya

The Cop28 business and philanthropy climate forum mobilised $5 billion in funding to advance transformative climate and nature initiatives.

The forum saw the participation of over 1,300 key stakeholders assembled to help showcase and accelerate progress on climate targets and industry transitions.

“To fix climate finance, we must leverage the knowledge, resources and power of the private sector to ensure we deliver necessary funding to those in need, particularly in the Global South,” said Cop28 president Sultan Al Jaber.

“Cop28 is committed to directing capital from multiple sources to meet the trillions required to attack emissions so we can all shepherd a just, orderly transition,” Cop28 president Sultan Al Jaber said.

Cop28 special representative for business and philanthropy, Badr Jafar, said that business and philanthropy hold great promise to accelerate climate and nature goals.

“Our hope is that future Cop presidencies continue to build on this multi-stakeholder platform with a view to harnessing the full potential of private capital and innovation.”

A range of private sector initiatives were discussed and announced at the forum.

Green Climate Fund, Allied Climate Partners and Allianz Global Investors collectively announced to mobilise $5 billion through several blended finance structures to turbocharge the climate transition in emerging economies.

Investcorp launched its new $750 million climate solutions investment platform. The World Economic Forum announced the “First Movers Coalition for Food”, which will co-develop and aggregate procurement commitments to transform food supply chains.