UAE announces $30-bn fund to boost climate investments

Subject: Environment

Section: International Conventions

Investment Fund ALTERRA:

The UAE, host of the 28th Conference of Parties (COP-28), announced a $30-billion commitment to an investment fund called ALTÉRRA.
ALTERRA is a privately managed fund that aims to mobilise $250 billion globally by 2030 and be the largest of its kind, geared towards climate investments and transforming emerging markets and developing economies.
ALTÉRRA has been established by Lunate, an independent global investment manager, and is domiciled in the Abu Dhabi Global Market.
Other partners include: BlackRock, Brookfield and TPG.
The fund will be chaired by the COP28 President Sultan Ahmed Al Jaber.
ALTÉRRA will have four key verticals namely: Energy Transition, Industrial Decarbonisation, Sustainable Living and Climate Technologies.
An unspecified amount has been earmarked for development of over 6 GW (1 GW is 1,000 MW) of new clean energy capacity in India.