UAE President welcomed world leaders to WCAS at COP 28 by establishing a $30 billion fund named Alterra

At COP 28, President His Highness Sheikh Mohamed Bin Zayed Al Nahyan extended a warm welcome to international leaders by establishing a $30 billion fund to close the climate funding gap. The Altérra fund's purpose is to close the financing gap for climate change. In remarks made on Friday at COP28, the president of the United Arab Emirates stated that the country hopes to attract $250 billion in investment by 2030.

The declaration made by Sheikh Mohamed coincides with the UAE's $100 million donation to the loss and damage fund that was established during the COP27 in Sharm El Sheikh, Egypt.

The COP Presidency states that Altérra would spearhead global initiatives to establish a more equitable climate finance framework, with a focus on enhancing financial access for the Global South.

The chief executive officer of Altérra will be Majid Al Suwaidi, the director-general of COP28, while Dr. Sultan Al Jaber, the president of COP28 and Adnoc chief, will preside over the board. A group of specialised climate investment experts with experience making investments in emerging and developing countries will work with Altérra. Lunate, an independent worldwide investment manager, founded Altérra, which is based in the Abu Dhabi worldwide Market.

The fund becomes one of the most massive private investment platforms for climate change action in the world with its $30 billion commitment. "It seeks to direct private markets towards climate investments and concentrate on poor countries and emerging markets, where conventional investment has been deficient because of the greater perceived risks in those regions,” the Presidency stated.

There is now insufficient funding for climate action where it is required, nor is it easily accessible. Developing and emerging markets would need to spend $2.4 trillion a year on climate change mitigation by 2030.