UAE Launches $30 Billion ALTÉRRA Fund for Climate Projects in Developing Nations
The United Arab Emirates (UAE) has unveiled a groundbreaking $30 billion investment fund, ALTÉRRA, dedicated to channelling additional capital into climate projects in developing countries.
The announcement, made during the hosting of the UN Climate Change Conference, COP28, in Dubai, signals a commitment to addressing the global climate crisis through a focus on green energy transitions and innovative technologies.
COP28 President Sultan al-Jaber, also the head of the state-owned oil and gas company ADNOC, will chair the supervisory board of the ALTÉRRA fund. The UAE aims to mobilize a total of $250 billion by 2030, collaborating with private donors to drive financial support for climate initiatives.
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While the exact criteria for project selection remain undisclosed, the fund’s overarching mission is to support projects offering sustainable solutions to the climate crisis.
The announcement comes at a critical juncture during the two-week conference, where discussions centre on redirecting global financial flows away from fossil fuels and toward renewable energies. This is particularly crucial for developing nations facing challenges in securing financing for climate-related projects.