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UAE Launches USD30 Billion Climate Investment Fund at COP28

Last Updated: December 01, 2023, 16:36 IST

Dubai, United Arab Emirates (UAE)

UAE Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks ahead of national statements at the World Climate Action Summit during COP28 in Dubai, December 1. (Reuters)

The UAE launches a $30 billion climate fund, Alterra, aiming for $250 billion in investments by 2030. BlackRock, Brookfield, and TPG are launch partners

The United Arab Emirates (UAE) on Friday announced a new USD 30 billion private investment fund focused on climate projects in developing countries. The host of the United Nations COP28 climate negotiations in Dubai said it hopes the fund, called Alterra, will stimulate investments totalling USD 250 billion by 2030.

“Today, the UAE announced the landmark US$30 billion ALTÉRRA climate focused investment vehicle, the largest ever, with the aim of mobilizing US$250 billion of institutional and private capital into climate action by 2030. US$5 billion of ALTÉRRA will form the Transformation Fund, dedicated to incentivize investment flows to developing countries to address critical climate investment needs in the Global South,” COP28’s official page announced on social media site X.

Today, the UAE announced the landmark US$30 billion ALTÉRRA climate focused investment vehicle, the largest ever, with the aim of mobilizing US$250 billion of institutional and private capital into climate action by 2030.US$5 billion of ALTÉRRA will form the Transformation… pic.twitter.com/NN48MrSSq8 ↗

— COP28 UAE (@COP28_UAE) December 1, 2023 ↗

During his address, UAE President Sheikh Mohamed bin Zayed Al Nahyan told the summit, that he was pleased to announce the establishing of a $30 billion fund for global climate solutions. COP28 president Sultan Al Jaber, who is also head of the UAE’s national oil company ADNOC, will chair the board of the new fund, according to a statement. It said the fund “will drive forward international efforts to create a fairer climate finance system, with an emphasis on improving access to funding for the Global South.”

The UAE initiative is seen as part of the country’s broader strategy for COP28, pushing to involve the private sector while voluntarily pledging big sums. Money has already been set aside to develop more than six gigawatts of clean energy capacity in India, including building wind and solar projects by 2025, the statement said. Other projects in Africa and Latin America were also being explored, it added.

(With agency inputs)

Rohit

Rohit is sub-editor at News18.com and covers international news. He previously worked with Asian News International (ANI). He is interested in world a

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