COP28: UAE announces US$30 billion ALTÉRRA climate-focused investment vehicle
DUBAI: In a revolutionary move, the United Arab Emirates (UAE) has introduced the ALTÉRRA climate-focused investment vehicle, a monumental initiative boasting an unprecedented investment capacity of US$30 billion. This ambitious project aspires to mobilize a staggering US$250 billion from a blend of institutional and private sources, dedicated to propelling global climate action by 2030.
This was announced on the second day of COP28. With its US$30 billion commitment, ALTÉRRA now stands as the globe’s most substantial private investment vehicle solely dedicated to climate change action. Its overarching objective is to galvanize a massive US$250 billion on a global scale by the end of the decade. ALTÉRRA aims to redirect private markets towards climate-focused investments, with a strategic focus on transforming emerging markets and developing economies. These regions have often faced challenges in attracting traditional investments due to perceived higher risks.
The UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan took to X to make the announcement.
In the post, translated from Arabic to English, the post reads, ” When we committed to hosting COP28, we committed to bringing the world together to provide practical solutions to the challenge of climate change. Given that one of the biggest obstacles to global climate action is the lack of financing in an accessible and affordable manner, today during the World Climate Action Summit we announced 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.”
عندما التزمنا باستضافة (COP28)، التزمنا بجمع العالم لتقديم حلول عملية لتحدي التغير المناخي. وبالنظر إلى أن من أكبر العوائق أمام العمل المناخي العالمي نقص التمويل بصورة ميسرة وتكلفة مناسبة، أعلنا اليوم خلال القمة العالمية للعمل المناخي عن إنشاء صندوق بقيمة 30 مليار دولار للحلول…
— محمد بن زايد (@MohamedBinZayed) December 1, 2023
