Cop28 Summit: UAE president announces $30 billion fund to bridge climate finance gap

United Arab Emirates President Sheikh Mohammed Bin Zayed announced on Friday the establishment of a $30 billion climate fund for global climate solutions that it hopes will lead to $250 billion of investment by the end of the decade.

Dubbed ALTERRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency.

In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTERRA has committed $6.5 billion to climate-dedicated funds for global investments, including the Global South, the statement said.


ALTERRA was established by Abu Dhabi-based alternate investment manager Lunate, and COP28 Director-General Majid Al Suwaidi will serve as ALTERRA's chief executive officer.