On COP28 sidelines, philanthropies pledge $5 billion for climate action

Global business leaders and philanthropists have announced a range of transformative climate and nature initiatives, and commitments to mobilise $5 billion in collective funding at COP28.

The Business & Philanthropy Climate Forum, held across the COP28 Blue Zone and Green Zone, brought together over 1,300 key stakeholders, including Heads of State and government, business CEOs, philanthropists and NGO heads, who assembled to help showcase and accelerate progress on climate targets and industry transitions.

It's the first dedicated platform for the private sector and philanthropy to be included in the COP process.

It included a full-day session in the Green Zone, focused on fostering innovation and driving impact in areas including sustainable climate finance, coral restoration, green technology, energy and industry transition, sustainable food systems, and empowering SMEs.

Addressing the Forum, COP28 President Dr. Sultan Al Jaber said, “To fix climate finance, we must leverage the knowledge, resources and power of the private sector to ensure we deliver necessary funding to those in need, particularly in the Global South.

"COP28 is committed to directing capital from multiple sources to meet the trillions required to attack emissions so we can all shepherd a just, orderly transition."