United Arab Emirates President Sheikh Mohammed Bin Zayed on Friday pledged to establish a $30 billion fund for climate financing as world leaders from almost 200 countries gathered in Dubai for the UN’s COP28 summit.
The fund is intended to support the recently established catalytic climate vehicle, ALTÉRRA, which will spearhead global initiatives to establish a more equitable climate finance framework focusing on enhancing financing accessibility for the Global South, Al Arabiya reported.
With this $30 billion pledge, ALTÉRRA has grown to be the greatest private investment vehicle for climate change action in the world.
Additionally, by 2030, the organisation hopes to raise $250 billion worldwide.
It seeks to nudge private markets in the direction of climate investments while concentrating on underdeveloped economies and emerging markets, where traditional investment has lagged behind because of the greater perceived risks in those regions.
“I am pleased to announce the establishment of a $30 billion fund for global climate solutions,” Sheikh Mohamed said at COP28 on Friday. “This fund is designed to bridge the climate finance gap.”
