UAE climate fund to invest $250bn by 2030

Alterra, the US$30 billion climate fund launched during the COP28 climate conference, is set to mobilise $250 billion of funds by 2030, according to its chief executive.

The fund is managed by Abu Dhabi-based fund manager Lunate, a subsidiary of Chimera Investments, in partnership with BlackRock, Brookfield and TPG.

It claims to be the largest private investment fund focused on climate change. And according to Majid Al Suwadi, COP287 director general and Alterra CEO, the fund is aiming to deploy $250 billion within the next six years.

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Al Suwadi was speaking at the World Governments Summit in Dubai.

“The vision for Alterra was borne out of the COP28 Presidency’s Action Agenda focus on how we can make climate finance more available, accessible and affordable for all, and remove barriers impeding investment – especially into the Global South,” he said in comments reported by the Emirates News Agency.

“Alterra is a key element in the COP28 Presidential Action Plan to help drive climate investment to the solutions and markets where it is most needed.”

The fund is structured in two parts – one focused on accelerating the transition to net zero and another designed to provide risk mitigation capital and encourage investment in the underfunded global South.

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