Social equity should be at the heart of adaptation given the vulnerability of farmers and other local workers to the changes.There needs to be a rebalancing of public climate finance towards food systems, and companies will need to pursue a robust Global North and Global South engagement strategy. In addition, a group of 25+ leading food and agriculture organizations joined forces to scale regenerative agriculture, partnering with 3.6 million farmers to accelerate the transition of over 160 million hectares to protect the soil and limit carbon emissions. More than 130 countries signed a declaration to include emissions from agriculture and farming into their national plans to tackle climate change. The property & casualty insurance industry responds to economic conditions & customer preferences by transforming operations. In 2020, financing flows for climate adaptation and resilience reached only 10% of what is needed. There is also an urgent need to increase adaptation and resilience financing.Multilateral development banks and other international financial institutions can double down on efforts to improve access to finance, mitigate financial risks, increase concessional finance for blended instruments, and address debt sustainably.This includes moving beyond the financing of individual projects to a more systematic approach, as well as consistently integrating carbon into decision making and asset valuation. The private sector will need to engage with regulators and governments to unlock investment and find innovative instruments to make sure the capital reaches the places that need it most.This means setting granular, year-by-year targets to ensure pledges are met. Governments will have to work to close the $18 trillion investment gap, prioritizing long-term gains over the costs in the short to medium term.The presidency also launched 10 principles to make finance available, accessible, and affordable. The parties to COP also pledged $700 million in funding to help lower-income countries cope with the loss and damage caused by climate change. The UAE President Mohammed bin Zayed Al Nahyan announced a $30 billion fund for global climate solutions that aims to attract $250 billion of investment by the end of the decade. These are some of the most significant announcements from the first three days of COP28 in Dubai-and key takeaways for organizations and policymakers.
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