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The 28th Conference of the Parties, better known as (COP28) concluded in Dubai  in December with a major agreement by 198 Parties, marking a new era of climate action. Several notable commitments were incorporated in the final negotiations, including unprecedented reference to transitioning from fossil fuels in energy systems and tripling renewable energy capacity as part of the UAE Consensus. The World Bank played a key role in advancing the agenda. It completed country climate and development reports (CCDR) for 42 economies, has pledged 45% of its annual financing to climate-related projects for the fiscal year 2025, and has been entrusted to host the loss and damage fund.

Ar riyaSaudi arabiaAd daw ahUnited arab emiratesKingdom of saudi arabiaInternational energy agencyAbu dhabi national oil companyRenewable energyInternational finance corporationArab coordination groupWorld bankGreen initiativeGulf cooperation councilTransit oriented developmentMiddle east green initiativeDetermined contributions