A total of $5 billion in funding was mobilised at the COP28 in Dubai on Friday to advance climate and nature action.

The collective capital from three organisations, Green Climate Fund, Allied Climate Partners and Allianz Global Investors, will be mobilised through several unique blended finance structures, according to a statement.

The funding was announced during the Business & Philanthropy Climate Forum, a private-sector engagement platform of COP28.

It was attended by more than 1,300 stakeholders, including heads of state and government, business CEOs, philanthropists and NGO heads.

The forum is the first dedicated platform for the private sector and philanthropy to be included in the COP process.

It was formally launched a day earlier in the presence of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, as well as Britain’s King Charles III and COP28 President Sultan bin Ahmed Al Jaber.

The funding announcement is the latest in a series of commitments unveiled at the UN climate talks in Dubai. 

Earlier on Friday, the UAE pledged $200 million to the International Monetary Fund (IMF) to help vulnerable countries fight climate change. The UAE’s $30 billion climate-focused investment initiative ALTÉRRA also committed $3.5 billion to Blackrock and TPG to support climate-dedicated projects.

(Writing by Cleofe Maceda; editing by Seban Scaria)