On the second day of COP28, the UAE announced the creation of a $30 billion fund for global climate solutions.
The announcement was made on X by His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates.
“We pledged to unite the world in order to offer workable answers to the problem of climate change when we agreed to host COP28. We announced today during the World Climate Action Summit the establishment of a $30 billion fund for climate solutions worldwide, to bridge the climate financing gap and facilitate access to it at an affordable cost, since one of the biggest barriers to global climate action is the lack of financing in an accessible and affordable manner.”
With this US$30 billion pledge, the United Arab Emirates’ ALTÉRRA takes the lead as the largest private investment vehicle globally for climate change action, with plans to raise US$250 billion by 2030. It seeks to nudge private markets in the direction of climate investments while concentrating on underdeveloped economies and emerging markets, where traditional investment has lagged behind because of the greater perceived risks in those regions.
Dr. Sultan Al Jaber, the president of COP28, called the vehicle’s introduction a “defining moment” that ushered in a new age of global climate funding.
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