UAE President Sheikh Mohamed bin Zayed has announced a $30 billion fund for climate financing at the UN’s COP28 summit in Dubai.
The fund supports the newly launched catalytic climate vehicle, ALTÉRRA, aiming to create a fairer climate finance system and improve access for the Global South.
With this commitment, ALTÉRRA becomes the world’s largest private investment vehicle for climate change action, seeking to mobilize $250 billion globally by 2030.
It focuses on steering private markets toward climate investments in emerging markets and developing economies.
The fund addresses the climate finance gap and aims to make climate finance more available, accessible, and affordable, targeting $2.4 trillion yearly for emerging markets and developing economies by 2030.
COP28 President Dr. Sultan al-Jaber called ALTÉRRA’s launch a defining moment in international climate finance, reflecting efforts to create a new era of climate-focused investment.
ALTÉRRA is part of COP28’s initiatives to accelerate the global transition to a low-carbon economy and enhance climate resilience. Ambassador Majid Al Suwaidi, COP28 Director-General, will serve as ALTÉRRA’s CEO.