The Outcome of COP 28 Summit : 21 Dec 2023

Loss and Damage Fund 

• A “Loss and Damage” (L&D) fund was agreed upon at COP-27, and at COP-28, the fund was operationalized.
• The World Bank was assigned to manage and supervise the fund.

Global Stocktake 

• It helps countries and other stakeholders to evaluate where they are and are not progressing as a group in achieving the objectives of the Paris Agreement.
• Countries at COP-28 promised to increase their capacity for renewable energy by 2030.
• More than 20 countries also pledged to triple their nuclear energy capacity.
• Fossil fuels are only being phased out for usage in energy systems; the plastics, transportation, and agricultural industries can still use them.

Green Finance

• At COP28, a new global green finance mechanism was established to assist developing countries in making the shift to sustainable practices. 
• With $3.5 billion in assistance, the Green Climate Fund can now fund adaptation and mitigation projects in high-risk areas.

Alterra

• The COP-28 Presidency unveiled ALTÉRRA, an investment program aiming to raise  $250 billion worldwide by 2030.