UAE launched USD30 billion climate investment fund (Alterra)

The UAE said it would contribute US$30 billion to a new climate-oriented fund with launch partners BlackRock, Brookfield and TPG.

The fund is called Alterra and it hopes to stimulate investments totaling US$250 billion by 2030. The UAE is the host of the COP28 climate negotiations and it hopes that this fund will help to create a fairer climate finance system. Its primary focus is enhancing financial accessibility, particularly for the Global South, encompassing developing nations in Latin America, Asia, Africa, and Oceania. Alterra seeks to channel private markets toward climate investments, concentrating its efforts on the energy transition, industrial decarbonization, and climate technology.