Cop28: Projects which most need climate funds are not getting enough

After Brazil announced its intention to join the OPEC+ group of oil-producing nations, it will be interesting to see how Cop30, slated to take place in the Amazonian city of Belem, plays out

People dressed as pikachu protest fossil fuels at the Cop28 Summit. Photo: AP/Peter Dejong

Finance Day at Cop28 began with the United Arab Emirates pledging $270bn in green finance by 2030. 

With this announcement came the discussion of a report in the Global Climate Action Arena in the Blue Zone. Cop28 has two zones—the Blue Zone, where decisions are made, and the Green Zone, focused on innovation, collaboration, and showcasing climate solutions.

The Asset to Flows report reveals that not enough climate finance is getting to the people and places that need it the most.  It highlights an increase in projects across various regions of the world that require funding. 

This report gives evidence of a number of case studies demonstrating that results-oriented, credible, and financeable projects actually exist. Climate projects focusing on clean energy solutions, biodiversity, and green hydrogen generation were highlighted throughout the session.

As I made my way to my next event, I was struck by the diversity and inclusion at this year's climate talks. This year's Cop is the largest in history, with over 100,000 people from all walks of life attending, in-person and online. 

"Every country is represented here," said one participant.  It was a refreshing sight, with people stopping to take photos with other participants.

Fossil of the Day Awards

As my day came to an end, I spotted a fossil ceremony taking place near the entrance to Expo City Dubai, the venue for Cop28. 

The Fossil of the Day Awards ceremony is intended to "award" countries that have done their "best" to impede progress in climate discussions. The crowd booed as Brazil was revealed as the winner of day five's award. 

Brazil's Energy Minister, Alexandre Silveira, has announced the country's intention to join the OPEC+ group of oil-producing nations. According to the Climate Action Network, this undermines the efforts of Brazilian negotiators in Dubai, who are making attempts to act on the climate emergency. 

With Cop30 slated to take place in the Amazonian city of Belem, it will be interesting to see how this plays out.

One of the messages on the Cop28 branding reads: "Unite. Act. Deliver." As the climate talks continue, we will see if parties remain dedicated to this call to action.

Claudia Hihetah. It was a refreshing to see the diversity and inclusion at this year's climate talks. Picture: Michael McSweeeney/Provision

• Claudia Hihetah is a PhD researcher at MaREI hosted at University College Cork.