COP28 Business & Philanthropy Climate Forum mobilizes 5 billion dollars for Climate Action

The ‘Business & Philanthropy Climate Forum’ at COP28 witnessed a historic collaboration, as Green Climate Fund, Allied Climate Partners, and Allianz Global Investors pledged 5 billion dollars to advance climate and nature action. The forum, a first-of-its-kind private-sector engagement initiative within the COP program, brought together over 1,300 global business leaders and philanthropists, amplifying the private sector’s call for inclusion in the COP process.

COP28 President, Dr. Sultan Al Jaber, emphasized the importance of leveraging private sector knowledge and resources to address climate finance challenges. He stated that, to fix climate finance, the forum must leverage the knowledge, resources, and power of the private sector to ensure that necessary funding to those in need may be delivered, particularly in the global south. COP28 is committed to directing capital from multiple sources to meet the trillions of dollars required to attack emissions so that a just, orderly transition can be achieved, he added.

Strategic partners for the forum included the Sustainable Markets Initiative, with additional support from International Finance Corporation (IFC), Organisation for Economic Co-operation and Development (OECD), World Economic Forum (WEF), Asian Development Bank (ADB), Africa Finance Corporation (AFC), Bill & Melinda Gates Foundation, IDB Invest, World Business Council for Sustainable Development (WBCSD), and XPRIZE.

A delegation led by Secretary, Forests and Environment, Government of Sikkim, Mr Pradeep Kumar has reached Dubai, UAE to attend COP 28 of United Nations Framework Convention on Climate Change.

In a press release, Forest and Environment Department said, the delegation will present and showcase the Government of Sikkim’s initiative of “Mero Rukh, Mero Santati” at India Pavilion at COP 28 on Saturday (2nd December 2023).