uae president announces $30 bln fund to bridge climate finance gap
In a Significant move to address the Urgent Global Climate Crisis, United Arab Emirates President Sheikh Mohammed Bin Zayed has Pledged a Groundbreaking Billion fund for Climate financing during the UN’s COP28 Summit in Dubai. This Substantial Commitment aims to Bridge the Climate finance Gap and Support the Newly Established catalytic Climate vehicle ALTÉRRA.
ALTÉRRA now backed by the largest private investment of its kind, will lead global initiatives to create a more equitable climate finance framework. The focus is on improving Financing accessibility for the Global South where the need for climate-related investments is Particularly Pronounced.
President Sheikh Mohammed Emphasized the importance of the $ 30 Billion fund in Bridging the Climate finance Gap a Critical Concern Given the Projected Requirement of $ 2.4 Trillion annually by 2030 for emerging markets and developing economies.
ALTÉRRA’s ambitious goal is to raise $250 billion worldwide by 2030. The organization seeks to redirect private markets towards climate investments, with a specific emphasis on underdeveloped Economies and Emerging markets that have faced Challenges in attracting traditional investments due to Perceived Risks.
“I am Pleased to announce the Establishment of a $30 Billion fund for Global Climate Solutions, declared Sheikh Mohamed at COP28. “This fund is Designed to bridge the Climate finance Gap.
The lack of adequate Climate finance has been a Prominent issue addressed by COP28 and ALTÉRRA’s launch is deemed a “defining moment” in international climate finance by COP28 President Dr. Sultan al-Jaber.
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ALTÉRRA, chaired by Dr. Sultan al-Jaber is poised to create a transformative impact, attracting private capital and acting as a catalyst for Climate-focused investments. It aligns with the COP Presidency’s Action Agenda and the UAE’s commitment to making climate finance more available, accessible, and affordable.
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As part of COP28’s broader action agenda Several finance-led programs, including ALTÉRRA have been introduced, signaling a concerted effort 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 Chief Executive Officer steering the organization towards building a robust global green finance Ecosystem.