Abu Dhabi, UAE - On November 8, 2024, the UAE reaffirmed its commitment to climate diplomacy during COP28, launching an "Action Agenda" aimed at transforming the energy sector.
The agenda includes 11 major pledges, mobilizing over $85 billion in climate finance, highlighted by the $30 billion ALTÉRRA investment vehicle.
Key initiatives include:
Tripling renewable energy and doubling energy efficiency by 2030.
The Global Decarbonization Accelerator (GDA), uniting 55 oil and gas companies responsible for over 43% of global oil production. Signatories pledge zero methane emissions and net-zero operations by or before 2050.
The Industrial Transition Accelerator, targeting decarbonization in six high-emission sectors, currently involving 36 companies.
The Global Flaring and Methane Reduction Partnership, which has committed $255 million, with the UAE contributing $100 million.
The UAE also initiated a $200 million food innovation partnership with the Gates Foundation to support vulnerable farmers, and emphasized the need for financing in conflict-affected regions.
With a focus on inclusivity, COP28's outcomes aim to enhance global climate ambition, addressing critical issues across diverse sectors.