UAE's $30 Billion Climate Fund Bridges Global Climate Finance Gap
TL;DR Summary
The United Arab Emirates (UAE) has pledged $30 billion to a new climate-oriented fund called Alterra, with BlackRock, Brookfield, and TPG as launch partners. The fund aims to attract $250 billion in investments by 2030 and will focus on improving access to financing for developing nations and directing private markets towards climate investments. The announcement was made during the COP28 climate summit in the UAE, where the country has faced scrutiny over its energy transition intentions. The fund will be chaired by Sultan al-Jaber, President of COP28 and CEO of Abu Dhabi National Oil Company, and overseen by Abu Dhabi-based asset manager Lunate.
- UAE seeks to silence critics with $30-billion climate fund pledge with BlackRock, Brookfield CNBC
- Emirati Fund to Invest Billions in U.S. Firms for Climate Projects The New York Times
- UAE pledges $30 billion to help poor countries with climate projects The Washington Post
- UAE Aims for COP28 Finance Splash With $30 Billion Climate Fund Bloomberg
- Cop28: UAE establishes US$30 billion fund to bridge climate finance gap South China Morning Post
- View Full Coverage on Google News
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