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UAE Launches $30 Billion Investment Fund for Climate Projects in Developing Nations
UAE Launches $30 Billion Investment Fund for Climate Projects in Developing Nations
The United Arab Emirates (UAE) has unveiled a groundbreaking investment initiative, a $30 billion fund named ALTÉRRA, dedicated to directing additional capital towards climate projects in developing countries.
In collaboration with private donors, the ambitious goal is to mobilize $250 billion by 2030, concentrating on transitions to green energy and innovative technologies aimed at addressing the climate crisis.
The announcement was made during the ongoing UN Climate Change Conference, COP28, hosted by the Gulf country in Dubai. COP28 President Sultan al-Jaber, who also leads the state-owned oil and gas company ADNOC, will assume the role of chairing the supervisory board of ALTÉRRA.
While the exact criteria for project selection remain undisclosed, the fund’s primary focus is on facilitating the shift towards renewable energies and pioneering solutions to combat climate change.
The two-week conference aims to address a crucial aspect—redirecting global financial flows away from fossil fuels, such as oil, coal, and gas, and towards renewable energies. This shift is particularly critical for developing countries where securing financing for sustainable projects can be challenging.
UAE Launches $30 Billion Investment Fund for Climate Projects in Developing Nations
Headlines
Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
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Israel President Vows To Strengthen US-Israel ‘Ironclad Bond’ As Trump Claims Victory
Israel’s President Isaac Herzog on Wednesday vowed to strengthen his country’s “ironclad bond” with the United States as he congratulated Donald Trump, who claimed victory in the US election.
“Congratulations to President @realDonaldTrump on your historic return to the White House… I look forward to working with you to strengthen the ironclad bond between our peoples, to build a future of peace and security for the Middle East, and to uphold our shared values,” Herzog said in a statement.
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Russia hosts 2-day BRICS summit in Kazan
Russian President Vladimir Putin is hosting a summit of the BRICS inter-governmental organisation in the city of Kazan from Tuesday to Thursday.
The summit brings together 24 heads of state and government and is seen by Putin as part of an initiative to create a new world order to end the dominance of the U.S…
Prominent among the guests was Chinese President Xi Jinping.
Representatives from a total of 32 countries would attend.
The original members of BRICS are, Brazil, Russia, India, China and South Africa have been joined by the United Arab Emirates, Egypt, Ethiopia and Iran among others.
The status of Saudi Arabia is yet unclear.
Russia, which currently chairs the organisation, announced that Saudi Arabia would be accepted as a member country at the start of the year.
But there has been no confirmation from Riyadh, and Saudi Arabia would be represented at the summit by its foreign minister.
Kremlin spokesman Dmitri Peskov said Saudi Arabia’s status would be cleared up at the summit.
Turkey is to participate as an interested party.
Speaking ahead of the summit, Putin said a central aim would be promoting financial cooperation and providing an alternative to the SWIFT network, through which international payments are routed.
Many Russian banks were banned from the network after its invasion of Ukraine.
Setting up a joint bank is also on the BRICS agenda.
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