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4122023</li></ol><div data-drupal-messages-fallback class="hidden"></div></div></div> <a id="main-content"></a><div class="region region-content class-region-day-5-cop28-4122023 region-entity-node-canonical"> <section id="block-glueupadshorizontaltop" class="block block-glueup-ads block-glueup-ads-horizontal-top-block clearfix"><div class="glueup-ads-slick-list"></div> </section><section id="block-glueupadsverticaltop-2" class="block block-glueup-ads block-glueup-ads-vertical-top-block clearfix"><div class="glueup-ads-slick-list"></div> </section><h1 class="page-header"><span property="schema:name">Day 5 COP28 : 4/12/2023</span></h1> <article data-history-node-id="735" role="article" about="/day-5-cop28-4122023" typeof="schema:WebPage" class="page full clearfix"> <span property="schema:name" content="Day 5 COP28 : 4/12/2023" class="hidden"></span><div class="content"><div property="schema:text" class="field field--name-body field--type-text-with-summary field--label-hidden field--item"><p><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">On Monday, December 4, COP28 witnessed a cascade of pivotal moments. Here are the day's highlights:</span></span></span></span></span></span></span></p><p>聽</p><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">1- UAE Banks Pledge AED 1 Trillion in Green Finance:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">In an unprecedented move, UAE banks committed a staggering AED 1 trillion ($270 billion) in green finance at COP28. This substantial pledge aims to accelerate sustainable finance, foster sustainability, and drive climate action by 2030.</span></span></span></span></span></span></span><a href="https://www.zawya.com/en/business/banking-and-insurance/uae-financial-sector-to-mobilise-over-272bln-in-sustainable-finance-by-2030-as-uae-hosts-cop28-uw125r5w" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Read more</span></span></span></span></span></span></span></a></li></ul><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">2- COP28 Mobilizes Over $57 Billion in Four Days:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">The first four days of COP28 witnessed a historic mobilization of over $57 billion, setting a new standard for climate action. Governments, businesses, investors, and philanthropies demonstrated global solidarity with eight pledges and declarations across various climate initiatives.</span></span></span></span></span></span></span><a href="https://www.cop28.com/en/news/2023/12/CP28-mobilizes-over-57-billion-in-first-four-days" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Details</span></span></span></span></span></span></span></a></li></ul><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">3- Arab Energy Fund (APICORP) Commits Up to $1 Billion for Decarbonization:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Formerly known as APICORP, the Arab Energy Fund announced plans to invest up to $1 billion over the next five years in decarbonization technologies. This aligns with their five-year strategy to 2028, supporting the regional energy transition towards net-zero goals.</span></span></span></span></span></span></span><a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/arab-energy-fund-apicorp-plans-up-1-bln-decarbonisation-technologies-2023-12-04/" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Details</span></span></span></span></span></span></span></a></li></ul><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">4- ReNew Energy Global Inks $5.3 Billion Pact with Asian Development Bank</span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">ReNew Energy Global signed a significant pact with the Asian Development Bank (ADB) for an initial funding of $5.3 billion. The Memorandum of Understanding (MoU) identifies potential investments in renewable energy projects, manufacturing, carbon offset projects, and green hydrogen to jointly support a sustainable energy transition.</span></span></span></span></span></span></span><a href="https://www.bqprime.com/business/renew-inks-initial-pact-with-asian-development-bank-for-53-billion-funding#:~:text=ReNew%20Energy%20Global%20Plc%20and,2023%20and%202028%2C%20it%20informed." style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Learn more</span></span></span></span></span></span></span></a></li></ul><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">5- Asian Development Bank Commits $10 Billion Climate Finance for Philippines:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">The Asian Development Bank (ADB) disclosed its commitment to provide $10 billion in climate finance for the Philippines between 2024 and 2029. This funding will aid the Philippines in implementing its climate action commitments under the Paris Agreement.</span></span></span></span></span></span></span><a href="https://www.reuters.com/sustainability/asian-development-bank-provide-10-bln-climate-finance-philippines-2023-12-04/" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Read more</span></span></span></span></span></span></span></a></li></ul><p style="line-height:1.38; text-align:justify"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none">6- Rockefeller Foundation's Initiative to Phase Out Coal Plant in the Philippines:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">The Rockefeller Foundation, in collaboration with ACEN Corporation and the Monetary Authority of Singapore, introduced the Coal to Clean Credit Initiative (CCCI). This initiative explores a pilot project in the Philippines using carbon finance to phase out a coal-fired power plant and replace it with renewable energy.</span></span></span></span></span></span></span><a href="https://www.prnewswire.com/news-releases/cop28-the-rockefeller-foundation-acen-corporation-monetary-authority-of-singapore-partner-to-explore-phasing-out-coal-plant-in-philippines-302004462.html#:~:text=DUBAI%2C%20UAE%2C%20Dec.%204,fired%20power%20plant%20and%20replace" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none"> </span></span></span></span></span></span></span><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Explore the details</span></span></span></span></span></span></span></a><br /><br /><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:700"><span style="font-style:normal"><span style="text-decoration:none"><img alt="cop28" data-entity-type="file" data-entity-uuid="6b611d9f-43b4-4eec-bb80-e78cc1c3c311" height="358" src="/sites/default/files/inline-images/Rockefeller_Foundation.jpg" width="635" loading="lazy" /></span></span></span></span></span></span></span></li></ul><p style="line-height:2.1; text-align:justify; margin-top:20px; margin-bottom:20px"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">As COP28 progresses, these developments mark a pivotal moment in global efforts towards a sustainable and resilient future.</span></span></span></span></span></span></span></p><p style="line-height:2.1; margin-top:20px; margin-bottom:20px"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#212121"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Sources:</span></span></span></span></span></span></span></p><ul><li aria-level="1" style="list-style-type:disc"><a href="https://www.zawya.com/en/business/banking-and-insurance/uae-financial-sector-to-mobilise-over-272bln-in-sustainable-finance-by-2030-as-uae-hosts-cop28-uw125r5w" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Zawya</span></span></span></span></span></span></span></a></li><li aria-level="1" style="list-style-type:disc"><a href="https://www.cop28.com/en/news/2023/12/CP28-mobilizes-over-57-billion-in-first-four-days" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">COP28 Official Website</span></span></span></span></span></span></span></a></li><li aria-level="1" style="list-style-type:disc"><a href="https://www.bqprime.com/business/renew-inks-initial-pact-with-asian-development-bank-for-53-billion-funding#:~:text=ReNew%20Energy%20Global%20Plc%20and,2023%20and%202028%2C%20it%20informed." style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">BQPrime</span></span></span></span></span></span></span></a></li><li aria-level="1" style="list-style-type:disc"><a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/arab-energy-fund-apicorp-plans-up-1-bln-decarbonisation-technologies-2023-12-04/" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Reuters (Arab Energy Fund)</span></span></span></span></span></span></span></a></li><li aria-level="1" style="list-style-type:disc"><a href="https://www.reuters.com/sustainability/asian-development-bank-provide-10-bln-climate-finance-philippines-2023-12-04/" style="text-decoration:none"><span style="font-size:11.5pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Roboto,sans-serif"><span style="color:#1155cc"><span style="background-color:#ffffff"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">Reuters (ADB Philippines)</span></span></span></span></span></span></span></a></li><li aria-level="1" style="list-style-type:disc"><a 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