COP28 Round-up: Finance day focuses on development banks and carbon markets

A summary of key announcements from the 2023 UN climate conference, why they matter and what is still missing

COP28’s fifth day, which has been dedicated to finance, comes to a close with at least 40 different finance pledges, though the financing needs to support developing economies’ transition is still evident. For example, the Green Climate Fund replenishment pledges of $12.7bn have surpassed previous assurances, but at least $2.4tn in climate finance is needed for developing countries by 2030.