UAE announces $30-bn fund to boost climate investments
- December 2, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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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.
Source: The Hindu