UAE commits record 30 Billion dollar to World Climate Action Summit at COP28

Dubai: Amidst the gathering of global leaders at COP28, the United Arab Emirates, COP28 Presidency, on Friday ( 1st December 2023) declared an unprecedented 30 billion dollar commitment to ALTÉRRA, a climate-focused investment vehicle. This initiative aims to revolutionize International climate finance, prioritizing equitable access for the Global South.

With the 30 billion dollar pledge, ALTÉRRA now stands as the world’s largest private investment vehicle dedicated to climate action, with a targeted mobilization of 250 billion dollar globally by 2030. The primary focus is to guide private markets towards climate investments and bring transformative change to emerging markets and developing economies, where traditional investments face higher risks.

Described as a defining moment by COP28 President Dr. Sultan Al Jaber, the launch of ALTÉRRA signifies the establishment of a new era in international climate finance. Dr. Al Jaber, who will chair ALTÉRRA’s Board, stated, ALTÉRRA provides a transformational solution for attracting private capital. Its scale and structure will create a multiplier effect in climate-focused investment, making it a vehicle like no other.