UAE's $30 Billion Climate Fund Bridges Global Climate Finance Gap
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.