UAE Aims for COP28 Finance Splash With $30 Billion Fund
- Nation pledges funding for Alterra investment vehicle
- COP28 President Al Jaber will chair facility’s board
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The United Arab Emirates, host of the COP28 climate summit in Dubai, will put $30 billion into a new climate finance fund aimed at improving the flow of money into projects to reduce emissions, especially in the Global South.
The UAE said Alterra aims to mobilize $250 billion by the end of the decade. BlackRock Inc., Brookfield and TPG will be inaugural launch partners for Alterra. The group has committed $6.5 billion to climate-dedicated funds for global investment, including in the developing world. Some of that cash is already earmarked for renewable projects in India.