The launch coincided with the seating of the Loss and Damage board committee meeting in Dubai to discuss ways forward on following up on financial commitments made during the Conference of parties in Dubai last year.

In December last year during the COP 28 event in Dubai, Uganda sent a delegation of over 600 officials to negotiate and follow proceedings .H.E Sheikh Shakhboot Bin Nahyan Al Nahyan, the representative of the UAE government, in his address highlighted support for responsible trade and technology transfer as integral components of Uganda’s fight against climate change.

Mr. Xavier Ejoyi -the Country Director for Action aid International Uganda says what is going unnoticed is industrial agriculture, which relies on the large-scale destruction of biomass and the ecosystem. It is the second biggest contributor to greenhouse gas emissions. He added that Over 460 billion dollars from banks and other financiers goes to funding fossil fuel-related investments which are the leading contributors to greenhouse gases.

According to  Ms. Sheily Apiny the northern regional coordinator at Action aid International, climate crisis poses an existential threat to our planet, disproportionately impacting vulnerable communities, including children, young people, and women. She called for countries that emit the highest percentages of carbon emissions to pay their fair share to support combating the climate crisis.

She stated that Last year, ActionAid launched the Fund Our Future campaign, a global campaign calling for financiers to shift funding from climate destructive activities and false climate solutions and redirect them towards investments in renewable energy and agroecological solutions.

COP28 facilitated a historic agreement to operationalize and capitalize funding for Loss and Damage, committing $726 million to support those most affected by the climate crisis, and Uganda .Experts say that if shared ,Uganda could get up 51 million Dollars ,to support those most affected by impact of climate change.

Other commitments include;
Green Climate Fund and Adaptation Fund Replenishments
$3.5 billion pledged to replenish the Green Climate Fund (GCF).
$133.6 million pledged towards the Adaptation Fund.
$129.3 million pledged towards the Least Developed Countries Fund (LDC).
$31 million pledged to the Special Climate Change Fund (SCCF).

ALTÉRRA Catalytic Fund Launch
The UAE launched ALTÉRRA, a $30 billion catalytic fund to drive positive climate action, with a global mobilization target of $250 billion.

World Bank Commitment
The World Bank committed to an annual increase of $9 billion for 2024 and 2025 to finance climate-related projects.

Multilateral Development Banks (MDBs) Commitment:
MDBs collectively pledged a cumulative increase of over $22.6 billion towards climate action.

Pledges and Declarations
The COP28 has witnessed the endorsement of 11 pledges and declarations, garnering historic support from countries and organizations worldwide. Notable endorsements include:
Global Renewables and Energy Efficiency Pledge endorsed by 124 countries.
COP28 UAE Declaration on Agriculture, Food, & Climate endorsed by 142 countries.
COP28 UAE Declaration on Climate and Health endorsed by 133 countries.
COP28 UAE Declaration on Climate Relief, Recovery & Peace endorsed by 75 countries and 40 organizations.
COP28 UAE Declaration on Climate Finance endorsed by 13 countries.
COP28 UAE Declaration on Hydrogen and Derivates endorsed by 37 countries.
COP28 UAE Declaration on Gender-Responsive Just Transitions endorsed by 74 countries.
Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge endorsed by 65 countries.
Global Cooling Pledge endorsed by 64 countries.
Oil and Gas Decarburization Charter endorsed by 52 companies, representing 40 percent of global oil production.
Industrial Transition Accelerator endorsed by 35 companies and six industry associations.