UAE President pledges $30 billion to new climate fund

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has pledged $30 billion to a climate-focused fund that was unveiled at COP28.

Speaking at the opening ceremony of COP28 on Friday, Sheikh Mohamed said the fund will drive forward international efforts to create a fairer climate finance system.

He expressed hope it will lead to $250 billion of investment by the end of the decade.

The fund, named ALTÉRRA, will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South.

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COP28 President Dr. Sultan Al Jaber, who will chair ALTÉRRA’s Board, described the launch as a "defining moment" for global climate finance.

"ALTÉRRA provides a transformational solution for attracting private capital. Its scale and structure will create a multiplier effect in climate focused investment, making it a vehicle like no other. Its launch reflects the COP Presidency’s Action Agenda and the UAE’s efforts to make climate finance available, accessible and affordable," he added.

Ambassador Majid Al Suwaidi, COP28 Director-General, will serve as ALTÉRRA’s Chief Executive Officer.

It will have a team of specialist climate investment professionals with a strong track record of investing in emerging and developing markets.

Established by Lunate, an independent global investment manager, it is domiciled in the Abu Dhabi Global Market.