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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.
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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.
