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.
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.