The United Arab Emirates has announced a $30 billion investment fund designed to inject more capital into climate-related projects in developing nations. In partnership with private contributors, the UAE aimed to mobilize $250 billion by 2030.
This fund is dedicated to supporting initiatives that drive the transition to green energy and the advancement of new technologies geared towards addressing the challenges of the climate crisis.
ALTÉRRA, the initiative, will be the largest private investment commitment for climate change. The investment will aim to aid emerging markets with climate change funding by mobilizing $250 billion by 2030. The initiative plans to accelerate the global shift to net zero and decarbonize more efficiently.
COP28 President Dr. Sultan Al Jaber, who chairs ALTÉRRA’s board, stated that 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.