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UAE Sets Historic $30 Billion Commitment to ALTÉRRA at COP28

  • 05 Dec 2023

Recently, during COP28 summit, the United Arab Emirates, holding the COP28 Presidency, made a ground-breaking commitment of $30 billion to ALTÉRRA, a climate-focused investment initiative, aiming to reshape international climate finance with a focus on equitable access for the Global South.

Key Points

  • Purpose: ALTÉRRA, now the world's largest private investment vehicle for climate action, plans to mobilize $250 billion globally by 2030.
  • Its primary objective is to steer private markets towards climate investments, fostering transformative changes in emerging markets and developing economies facing higher risks.
  • Private Sector Focus: With a $30 billion injection, ALTÉRRA aims to guide private markets, bringing about significant shifts in climate-focused investments.
  • The initiative targets areas where traditional investments encounter greater challenges.