COP28: No progress yet on GST, climate finance

Halfway through the UN Climate Summit (COP28) which will come to a close on December 12 there is no progress yet on major aspects of negotiating texts including the Global Stocktake, Global Goal on Adaptation, Climate Finance, though participants can take cheer from the fact that the Loss and Damage fund was operationalised on Day 1. Here's a halfway update.

- Jayashree Nandi

What has been achieved so far at the summit? 

The Loss and Damage Fund was operationalised on November 30. There were fears that the text on operationalising the fund would be reopened especially because US had objected to parts of the text during the final Transitional Committee (on Loss and Damage) meeting in Abu Dhabi in November. But the COP28 Presidency managed to ensure its adoption. Around $726 million (to date) has been pledged for the fund but it's important to understand that there is no clarity how the funds will be scaled up to meet actual needs. Developing countries have said the actual needs are closer to $400 billion a year. All developing countries are eligible to directly access resources from the Fund.

The COP28 Presidency also said COP28 has mobilised over $83 billion in the first five days, setting the pace for a "new era in climate action". These include the first-ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonize heavy emitting industries. Around 11 pledges and declarations have been launched-but these are not legally binding and not part of negotiations.

The first-ever Global Stocktake (GST)