COP28 Yields Rp1.3 Quadrillion in Funding Commitments: What Will It Be Used For?

On December 6, 2023, the 28th Conference of the Parties (COP28) on climate change yielded a total financing commitment of US$83.76 billion.

Converted to Indonesian Rupiah, this amounts to Rp1.3 quadrillion (assuming an exchange rate of Rp15,541 per US$).

The majority of this commitment, US$62.2 billion, is allocated to climate finance programs.

According to the COP28 website, climate finance refers to funding supporting climate change mitigation and adaptation, sourced from governments, the private sector, and other alternative sources.

The next largest financing commitments went to renewable energy development and the Green Climate Fund (GCF) programs.

The GCF is a dedicated funding program assisting developing countries in reducing greenhouse gas emissions and enhancing resilience to climate change.

Further commitments were made to strengthen the food, health, and environmental sectors, methane emission reduction, and climate change adaptation assistance in conflict zones.

The Loss and Damage Fund (LDF) also received commitments to support countries most impacted by climate change risks, such as droughts, rising sea levels, and extreme weather events.

Other COP28 financing commitments will be channeled through specific programs such as the Adaptation Fund, the Least Developed Countries Fund (LDCF), and the Special Climate Change Fund (SCCF).

The remaining funds are earmarked for general programs, including strengthening the technology sector, water management, clean cooking, efficiency and emission reduction of cooling appliances (ACs and refrigerators), and gender empowerment.