meed-logo

line1 line2 line3
SIGN IN / REGISTER

Cop28 boosts coastal community climate role

12 December 2023

Of the $83.9bn in funding commitments made during the first 11 days of the Cop28 UN climate summit, $467m has been allocated to local climate action, in addition to $134m for adaptation, $129m for least-developed countries and $30bn for climate finance.  

The Loss and Damage Fund has also attracted commitments of over $720m, with more expected to come.

These financial commitments will benefit local communities globally that have been taking the brunt of extreme weather events such as floods and droughts.

"The Cop28 summit in Dubai has recognised that the success of nearly all agreed climate measures and funding will depend on local and sub-national government implementation," says Alfredo Coro II, mayor of Del Carmen municipality in the Philippines' southern Siargao Islands.

Coro attended the Local Climate Action Summit, which was organised as part of the Cop28 conference.

"We recognise [former New York City mayor] Michael Bloomberg's role in pushing for mayors to be at the forefront of discussions on climate change actions, policies and funding," Coro tells MEED.

"We hope our network… will be able to attract global organisations to listen and respect the innovations of small coastal communities to address climate change impact on oceans and support sustainable fishing, as well as coastal management."  

Coro also represents the Costal500, an alliance of mayors and other local government leaders from countries including Brazil, the Federated State of Micronesia, Guatemala, Honduras, Indonesia, Mozambique, Palau and the Philippines.

The Coastal500 alliance aims to serve as a platform for scaling climate adaptation and climate solutions in small local communities around the world.

"The local governments implement the climate action and they also absorb all the loss and damages," says Coro. "Recognising local governments in Cop28 will … play a major role in the discussions of operationalising the Loss and Damage Fund, from global finances to national government funds."

A total of 200 countries agreed to set up the Loss and Damage Fund at Cop27 last year, nearly 30 years since it was first discussed at a Conference of the Parties of the UN Framework Convention on Climate Change (Cop).

Cop28 announced operationalising the fund on 30 November, with the UAE and Germany each pledging $100m towards the fund; the UK pledging $75m; and the US, which has previously pushed back on the fund, planning to contribute $17.5m.

France and Italy each pledged $108m, Denmark pledged $50m, Norway committed $25m, and Japan and China each pledged $10m. 

According to Coro, the Coastal500 members have already proven case studies that, when replicated, will be able to help mitigate and adapt to the impacts of climate change on a family and community level.

He cites as an example an integrated climate adaptation and mitigation strategy in his municipality. "We rehabilitated our mangrove ecosystem and conducted investments to prepare our communities and local government," he explains.

These helped to minimise the loss of life when super typhoon Rai made landfall in the Siargao Islands in December 2021. However, the typhoon heavily damaged the islands' Climate Field School, which was funded by a climate adaptation fund in the Philippines.

"We hope that localising the policies and practices will give local governments the courage to demand the needed access to financing potential loss and damages that have direct consequences to their respective constituency and community," Coro says.

Drop in the ocean

The final mechanisms for the Loss and Damage Fund have yet to be finalised. It remains unclear whether the funds will be disbursed as loans or grants.

Unlike climate mitigation and adaptation projects that aim to reduce carbon emissions and improve community responses to extreme weather events, the Loss and Damage Fund intends to help communities that have already suffered losses such as flood-damaged bridges or dams and agricultural crop revenues.

Rich, carbon-emitting countries are the expected main sources of the fund, although China, the world's top carbon emitter, which is a developing country, could technically qualify both as a source and recipient of the fund.

While operationalisng the fund has been considered a breakthrough, some critics have said that the pledges so far amount to only 0.2 per cent of what is needed to address the problem.

"The millions promised for the Loss and Damage Fund at Cop28 are a drop in the ocean of what is needed," notes Lien Vandamme, a senior campaigner at the Centre for International Environmental Law.

“Hundreds of billions of public, grants-based, new and additional money is needed, and we cannot call this Loss and Damage Fund a success as long as this is lacking,” she added.

Mena extreme weather

Several countries in the Middle East and North Africa (Mena) region have recently suffered major calamities that can be directly linked to climate change. 

Thousands of people were feared to have drowned when a storm swept through Derna in eastern Libya on 11 September. Heavy rains from Storm Daniel caused a water dam about 12 kilometres from Derna to fail, sending water down a valley and overwhelming a second dam closer to the city.

The storm was called a Medicane – a portmanteau for Mediterranean and hurricane – which experts said drew enormous energy from extremely warm seawater. A warmer atmosphere is also understood to hold more water vapour that can fall as rain.

Photo: Pixabay

https://image.digitalinsightresearch.in/uploads/NewsArticle/11363941/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Chinese firm wins Emaar Address Zabeel contract

    17 October 2025

    Beijing-headquartered China State Construction Engineering Corporation has been awarded a contract by UAE-based developer Emaar Properties to build a multi-tower complex in Dubai’s Zabeel area called Address Residences Zabeel.

    The development will comprise four towers offering more than 1,700 one- to four-bedroom residential units, 2,600 square metres of retail space and parking for 2,000 cars. The towers will be 50, 58, 52 and 54 storeys high.

    The project is expected to be completed in 2027.

    The latest contract award from Emaar follows the start of construction activity at the Dubai Square mall, which will be connected to the upcoming Dubai Creek Harbour tower within Emaar's Dubai Creek Harbour development.

    MEED recently reported that Dubai-based contractor Dutco Construction had started mobilising for the main works on the project.

    Dubai’s heightened real estate activity has led to record-breaking announcements from several UAE-based real estate firms. 

    In February this year, Emaar reported a total revenue of AED19.1bn ($5.2bn) in 2024, a 61% increase from 2023. It said it recorded a net profit before tax of about AED10.2bn ($2.8bn), a 20% rise compared to 2023.

    According to data published earlier this year by the Emirates News Agency (Wam), the total value of real estate transactions in the UAE reached AED893bn, with more than 331,300 transactions recorded last year.

    UK analytics firm GlobalData forecasts that the UAE construction industry will register an annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.

    READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

    Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

    > AGENDA 1: A new dawn for PPPs
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14892821/main.jpg
    Yasir Iqbal
  • Chinese company to build tyre plant in Morocco

    17 October 2025

    Chinese tyre manufacturer Shandong Yongsheng Rubber has launched a $675m project to build a tyre factory in Morocco.

    The plant will initially produce 6 million semi-steel radial tyres annually, with plans to gradually increase capacity to 12 million units per year, according to a company statement.

    The tyres manufactured will be primarily destined for export to European, African and American markets.

    Shandong Yongsheng Rubber also plans to capitalise on preferential tariffs offered through Morocco’s free trade agreements with numerous jurisdictions, including the European Union, the US and several West African countries, the company said.

    The factory, to be developed in Morocco’s Diouch province, will produce tyres that meet technical standards for developed markets.

    Preliminary administrative procedures, including regulatory registration, have already been completed for the project.

    Increased investment

    Chinese companies in the automotive sector have increased investments in Morocco and neighbouring Algeria in recent years.

    In August, Chinese automotive interior materials manufacturer Kuntai announced plans to establish a production facility in Morocco through its subsidiary Kuntai Hongjing.

    The project represents a total investment of RMB100m ($13.7m) and will focus on manufacturing car floor mats and carpets for vehicles.

    In March, Great Wall Motor, one of China’s top 10 car manufacturers, announced plans to build its first factory in Algeria, joining other companies in the country, including Fiat, Peugeot and Kia.

    Last November, the Algerian Ministry of Industry & Pharmaceutical Production announced that it had granted permits for six new vehicle manufacturing factories in the country.

    In March 2023, Dutch carmaker Stellantis announced plans to spend more than €200m ($213m) to manufacture several Fiat models in Algeria.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14889877/main.jpg
    Wil Crisp
  • Two cement plants to be built in Egypt

    17 October 2025

    Egypt is planning to issue two new cement plant licences before the end of the year, with the aim of cubing rising prices in the country.

    The two new licences were approved during a recent meeting between local cement producers and Kamel El-Wazir, Egypt’s minister of trade and industry, according to a news report by Asharq Business, which cited an anonymous official.

    “The two permits are expected to be released before the end of the year, with each licence including its own production line,” the official said.

    The two new plants are expected to add 1.5-2 million tonnes a year of production to Egypt’s cement output.

    The cement project approvals from Egypt’s government come amid heightened concerns about the cost of construction projects in the country.

    Importing materials and equipment for projects has become increasingly expensive over recent years due to Egypt’s currency weakening. Over the past 12 months, the price of cement has increased by almost 50%.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14889881/main2139.jpg
    Wil Crisp
  • Kuwaiti contractor submits lowest bid for oil project

    17 October 2025

    Ahmadi-based Spetco International has submitted a low bid of KD88.2m ($288.7m) for the contract to develop the planned Mutriba remote boosting facility in Kuwait.

    The project was originally tendered by Kuwait Oil Company (KOC) earlier this year, with a bid submission deadline of 29 June.

    The deadline was extended several times before three Kuwait-based companies submitted bids.

    The details of the bids submitted for the project are as follows:

    • Spetco International – KD88,209,236 ($288.7m)
    • Combined Group Contracting – KD123,000,000 ($402.5m)
    • Alghanim International General Trading & Contracting – KD129,450,000 ($423.7m)

    The project’s scope includes:

    • Development of the Mutriba oil field
    • Installation of the degassing station
    • Installation of manifolds
    • Installation of condensate facilities
    • Installation of wellhead separation units
    • Installation of the pumping system
    • Installation of wellhead facilities
    • Installation of oil and gas treatment plants
    • Installation of a natural gas liquids plant
    • Installation of a water and gas injection plant
    • Construction of associated utilities and facilities

    The onshore Mutriba oil field is located in northwest Kuwait and is being developed as part of Kuwait’s wider strategy to boost the country’s upstream capacity.

    Commercial output from Mutriba officially began on 15 June this year, after several wells were connected to KOC’s production facilities.

    The field, in a previously undeveloped part of Kuwait, covers more than 230 square kilometres and lies outside the area of fields already operated by KOC.

    In September, Kuwait’s Oil Minister Tareq Al‑Roumi said that the country’s oil production capacity had reached 3.2 million barrels a day (b/d), its highest level in more than 10 years.

    Despite the higher capacity, Kuwait says it will continue to abide by Opec+ agreements and will produce 2.559 million b/d.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14892763/main.png
    Wil Crisp
  • Power market reshapes contractor landscape

    16 October 2025

    Commentary
    Mark Dowdall
    Power & water editor

    Register for MEED’s 14-day trial access 

    The number of UAE-based power projects awarded under the traditional engineering, procurement and construction (EPC) model has fallen to its lowest level in the past decade.

    Admittedly, this does not include the Covid year of 2020, but the point stands. Across the GCC, capital is still flowing into the sector at record levels. What has changed is how that capital is being deployed.

    In a recent analysis, I revealed 2025 to be a record-breaking year, with the UAE’s power market recording its highest annual total for contract awards on record. Yet instead of a broad spread of smaller contracts, governments and utilities are concentrating investment in fewer larger and more complex schemes that are reshaping how the region’s energy systems are built and financed.

    In 2025, a single solar and battery storage independent power project (IPP) in Abu Dhabi accounts for 67% of the country’s total power contract value. EPC contracts, once the mainstay of the market, have been eclipsed by developer-led models as the preferred route for large-scale power generation.

    Saudi Arabia is moving in the same direction, albeit at a different pace. While EPC work remains central to grid expansion, the kingdom’s largest investments are now in utility-scale IPPs backed by the Public Investment Fund.

    In my recent annual ranking of private power developers across the GCC, the surge in power generation capacity owned by Saudi Arabia’s Acwa Power was telling. Not only did the firm’s net equity grow by 70% in a single year, but it now eclipses the combined equity of the other leading developers in the region, a direct result of its dominant role in PIF-backed schemes. These projects, including multi-gigawatt solar and wind developments, are redefining the scale and structure of procurement.

    Behind this shift is a combination of market maturity, financing strategy and energy transition goals. Developer-led projects concentrate capital and risk in fewer hands, streamline procurement timelines and align closely with long-term policy objectives.

    For governments, they deliver capacity without requiring large upfront capital commitments. For developers, they offer stable, long-term returns through secure offtake agreements.

    But this concentration also narrows the field of opportunity. Where dozens of smaller EPC packages once supported a broad ecosystem of contractors and suppliers, today’s market is increasingly revolving around a handful of mega deals.

    Competition is intensifying for fewer projects, and entry barriers, ranging from balance sheet strength to technical capabilities, are rising.

    Smaller EPC contractors, once central to power delivery across the GCC, risk being pushed to the margins. Some will adapt by partnering with larger developers, but others may find fewer opportunities to participate.

    Which takes me back to the UAE. In the water sector, 2026 is already shaping up to be a landmark year, with nearly $31bn-worth of projects in tender. A single project, Dubai’s $22bn Strategic Sewerage Tunnel scheme, accounts for over 70% of this total.

    It will follow a public-private partnership (PPP) delivery model that consolidates the entire scope under one consortium, streamlining delivery. However, this approach significantly reduces the number of prime contracting opportunities, with smaller EPC firms more likely to find themselves competing for limited subcontracting roles rather than leading bids.

    It is important to note that while large-scale projects tend to dominate during major build-out phases, attention inevitably turns to smaller, more distributed schemes.

    However, this alone does not necessarily mean a return to the EPC-heavy landscape of the past. For now, as these large projects set the pace, the region’s energy transition may accelerate, but it will also decide who gets to reshape and build it.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14884161/main.jpg
    Mark Dowdall