cop28 exclusive altÉrra fund launch by uae president sets new climate goals
In a groundbreaking announcement at COP28, UAE President Sheikh Mohammed Bin Zayed Al Nahyan introduced Alterra, a colossal $30 billion climate fund. Aimed at driving global climate solutions, ALTÉRRA aspires to attract a staggering $250 billion in investments by the decade’s end.
COP28 President Dr. Sultan Al Jaber termed ALTÉRRA’s launch a “defining moment” in international climate finance. ALTÉRRA will be chaired by Dr. Al Jaber, and Ambassador Majid Al Suwaidi will serve as its CEO, marking a significant stride in the global transition to a low-carbon economy.
– $25 billion dedicated to climate strategies.
– $5 billion to incentivize investment flows into the Global South.
In partnership with global asset managers BlackRock, Brookfield, and TPG, ALTÉRRAhas committed $6.5 billion to climate-dedicated funds for global investments, including the Global South.
ALTÉRRA, in collaboration with BlackRock, Brookfield, and TPG, seeks to guide private markets towards climate investments. The focus is on transforming emerging markets and developing economies, addressing the traditional investment gap due to perceived risks in these geographies.
The UAE’s announcement comes amid criticisms of its plans to increase oil and gas production. The country emphasizes a broader commitment to encourage finance and business to contribute significantly to the global climate fight.
With ALTÉRRA’s unveiling, the UAE signals a proactive stance in supporting climate initiatives. Anticipation is high for further financial commitments and contributions throughout the two-week UN climate summit.
UAE’s ALTÉRRA emerges as a pivotal force in shaping global climate finance, setting ambitious goals to drive sustainable transformations and bridge critical investment gaps, particularly in the Global South. The announcement underscores the country’s determination to play a leading role in the fight against climate change.
The board of the new climate investment fund will be chaired by COP28 President Sultan Al Jaber, who also holds positions as the Minister of Energy and Advanced Technology, head of the Abu Dhabi National Oil Company, and chairman of Masdar, as stated in a recent announcement.
Finance for climate action is currently neither affordable nor available. By the end of the decade, emerging markets and developing economies will need a staggering $2.4 trillion each year to tackle the pressing issue of climate change. That is why COP28 made significant efforts to address climate finance.
Al Jaber expressed his enthusiasm for the vehicle’s launch, calling it a significant milestone in the development of global climate finance. Meanwhile, Ambassador Majid Al Suwaidi, COP28 Director-General, will be taking on the role of ALTÉRRA’s Chief Executive Officer.
On the first day of the ongoing COP28 Summit in Dubai, a historic agreement on paying for the climate crisis was reached. In other words, the ‘Loss and Damage Fund‘ is intended to assist countries that have been disproportionately impacted by the climate crisis.
COP28 Day-2 has initiated the crucial task of conducting a “global stocktake,” presenting a preliminary 12-page draft that assesses global progress toward the Paris Agreement’s 1.5°C goal. The document highlights concerns about insufficient collective efforts and a diminishing window for vital actions. Key energy discussions are left open-ended, considering options like “phase-down/out of fossil fuels” and “phase-down/out/no new coal.”
The draft underscores the significance of safeguarding nature and ecosystems, deferring specific actions on deforestation, agriculture, and oceans for further deliberation. Countries are urged to integrate the global stocktake’s outcomes into their forthcoming climate policies due by COP30 in 2025.
From the pre-COP28 meetings we have noted the UAE’s clear stance on a “leave no one behind” approach to inclusive climate action. The conference is convening 70,000 participants and the UAE is hosting and presenting the climate agenda.
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