Highlights from USAID's Contributions to COP28

During the 28th Conference of Parties of the United Nations Framework Convention on Climate Change (COP28), held from November 28 - December 12, USAID announced multiple initiatives to advance progress on combating the climate crisis, including: 

USAID Announces Progress on PREPARE 

• On December 6, Administrator Power and Special Presidential Envoy for Climate John Kerry announced that 21 new companies and partners have committed to invest in climate adaptation as part of the Call to Action to the Private Sector under the President’s Emergency Plan for Adaptation and Resilience (PREPARE). Their efforts, in support of the objectives of PREPARE, will mobilize more than $2.3 billion in additional adaptation finance. Administrator Power also announced new USAID investments to mobilize finance for climate adaptation as part of the PREPARE Adaptation Finance Window. Read the full press release, watch Administrator Power’s remarks. 
• The U.S. government is also making significant investments in early warning and climate information services to reduce disaster losses and advance the UN Secretary General’s Call for Early Warning for All by 2027. USAID is advancing the capacity of national authorities in more than 20 countries across Africa, Small Island Developing States, and Least Developed Countries.

USAID Supports Climate Actions in Cities

On December 6, Administrator Power announced that USAID is committing more than $53 million for new low-carbon and climate resilient activities in 23 cities in Asia, Africa, Latin America, and the Caribbean. These funds will provide resources to translate national climate ambitions into local action in urban areas. Read the full press release, watch Administrator Power’s remarks. 

USAID and Prosper Africa Invest in Green Guarantee Company

The U.S. government, including USAID and the U.S. Presidential initiative Prosper Africa, announced its investment in a public-private partnership to create the Green Guarantee Company (GGC), the first ever privately run guarantee company devoted to catalyzing green bonds and loans in partner countries, focusing on Africa, Asia, and Latin America. Subject to final documentation, the United States – through USAID, State Department and Prosper Africa – alongside the U.K.’s Foreign Commonwealth and Development Office, the Green Climate Fund, Norfund, and the Nigerian Sovereign Investment Authority, intend to contribute to GGC's initial balance sheet of $100 million. With that $100 million balance sheet, the Green Guarantee Company will unlock an estimated $1 billion in new mainstream private capital for climate finance by 2024. Read the full press release, watch Administrator Power’s remarks.

USAID Accelerates Food Systems Transformation

On December 8, USAID announced that Feed the Future has exceeded the $215 million commitment to the Agriculture Innovation Mission for Climate that was announced at COP26 and is announcing $100 million in continued investments, subject to availability of funds, over the next two years. This funding compliments commitments made at COP28 by the Bill and Melinda Gates Foundation and the UAE for investments in the CGIAR and will support climate-smart agriculture innovation efforts and strengthen climate action in food systems under the U.S. government’s Feed the Future initiative. Read the full press release.  

USAID Announces Comprehensive Action for Climate Change Initiative (CACCI) Partnership for Climate Action (PCA)

USAID will identify promising mitigation and adaptation investment opportunities with private sector partners to help countries meet their climate commitments and strengthen their resilience in the face of climate change. On December 6, USAID announced MOUs with two private sector partners: BG Titan and Genesis Energy Group. These companies are pivoting their business towards climate positive investments and will aim to leverage up to $10 billion each in private sector investment over the next five years to support renewable energy projects, green housing and infrastructure, and climate-resilient agriculture. USAID is also working with Mars, Inc. to address sustainable agriculture to improve smallholder climate change resilience.

USAID Secures Donor Support for Locally Led Adaptation

On December 8, in partnership with Irish Aid, USAID secured four additional donor government endorsements of the Principles for Locally Led Adaptation.

Power Africa Supports Energy Transitions  

• On December 8, USAID announced that Power Africa will contribute $2 million to Acumen’s Hardest-to-Reach Fund. The project focuses on expanding access to renewable energy for vulnerable, remote communities at risk of being left behind in the clean energy transition. Power Africa also spotlighted the Empower Southern Africa program, which seeks to increase affordable clean energy in Southern Africa. 

• Power Africa’s Empower Southern Africa program seeks to increase the availability of and access to affordable, reliable, sustainable and clean energy in Southern Africa with an investment into Power Africa’s Regional Development Objective Agreement with the African Development Bank and buy-ins from USAID Missions in Southern Africa

USAID Enhances Inclusion and Equity

USAID announced another $5 million to the Climate Gender Equity Fund (CGEF) and the first cohort of women-led organizations selected to receive grants from the CGEF, which works to increase access to climate finance for women-led and women-benefiting organizations advancing adaptation and mitigation solutions. 

USAID Invests in Green Infrastructure in Pakistan

On December 8, USAID announced a further planned contribution of up to $5 million, subject to availability of funds, to the Recharge Pakistan Project. With the USAID contribution, subject to the availability of funds, USAID/Pakistan has helped unlock $72.8 million in grant financing – $66 million from the Green Climate Fund, $5 million from The Coca-Cola Foundation, and $1.8 million from the World Wildlife Fund. The initiative aims to leverage natural systems and invest in green infrastructure to enhance Pakistan’s resilience to climate change.

USAID Supports Liquidity and Sustainability Facility for Green Investments in Africa

On December 8, USAID announced that it is providing $1.5 million under USAID’s EDGE fund to support the Liquidity and Sustainability Facility (LSF) to create a repurchase agreement “repo” market to increase liquidity of African Sovereign Eurobonds. LSF aims to improve African sovereign debt sustainability and, through its participation with African governments and private investors, enhance liquidity in the market on par with international standards by enabling African countries to access international markets at lower rates. 

USAID Promotes Middle East and North Africa Climate Action

On December 8, USAID and partner countries announced further climate action throughout the region. Activities will include research for climate and peace through the Middle East Regional Cooperation program; working with the Massachusetts Institute of Technology and leveraging USAID’s EDGE Fund to engage the private-sector to commercialize innovative water- and energy-saving agricultural technologies; and scaling youth-led climate initiatives.

USAID also announced new activities and progress on ongoing programs across the globe. For more detailed information on all of USAID’s announcements at COP28, see this fact sheet.