UAE Pledges $30 Billion Investment at COP28 to Combat Climate Crisis

 



In a groundbreaking move at the United Nations' COP28 Climate Summit, UAE President Mohammad bin Zayed announced a massive $30 billion commitment to fund projects addressing climate-related crises in developing nations. This substantial investment aims to bridge existing gaps in climate finance and stimulate private contributions, with the overall target reaching $250 billion by 2030. President bin Zayed emphasized the critical need for accessible and affordable climate finance, citing the newly established UAE fund named Alterra as a strategic initiative to facilitate this. The fund's allocation includes $25 billion to attract institutional capital for large-scale climate investments and an additional $5 billion for risk mitigation capital, encouraging investment flows into developing countries.

The Alterra fund sets an ambitious goal of stimulating around $250 billion in investments by the end of the decade, focusing on initiatives that drive the transition to green energy and advance technologies combating climate change. The fund's unique approach includes collaboration with global asset management leaders BlackRock, Brookfield, and TPG as initial partners. Already earmarking $5.6 billion for climate-dedicated funds in developing countries, this collaboration signals a united effort to leverage private sector expertise and resources in the fight against climate change.

President bin Zayed highlighted that the Alterra fund is not only dedicated to large-scale institutional investments but also aims to create opportunities for concessional finance. This strategic move aims to further attract climate investments to the Least Developed Countries (LDCs) and Small Island Developing States (SIDS), ensuring a more inclusive and impactful approach to climate finance on the global stage.


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