COP28 Secures $2.1 Billion in Pledges for Climate Impact Reduction

Significant commitments made towards agriculture, health, and support for vulnerable communities.

At the COP28 summit, foundations and other funders pledged at least $2.1 billion in new financing to reduce climate impacts, particularly from agriculture, and to increase aid for vulnerable communities.
The Global Fund to Fight AIDS, Tuberculosis and Malaria pledged to spend 70% of its budget, about $9 billion, in the 50 most climate vulnerable countries over the next three years.
The first Business & Philanthropy forum was held, offering foundations, donors and corporations a larger formal role at a time when COP28 leaders are seeking more financing from the private sector.
The Sequoia Climate Foundation, along with other philanthropic funders, announced a $450 million commitment to target the reduction of methane and other pollutants over three years.
The Bill & Melinda Gates Foundation and the United Arab Emirates each committed $100 million to help farmers adapt to climate change, with some of the funds going to CGIAR, an agricultural research group.