---
title: "UAE president announces $30 bln fund to bridge climate finance gap"
description: "DUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed announced on Friday the establishment of a $30 billion climate fund for global climate solutions that it hopes will lead to $250billion of investment by the end of the decade."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Cop28"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-12-01-uae-president-announces-30-bln-fund-to-bridge-climate-finance-gap/"
published: "2023-12-01T13:00:08"
updated: "2023-12-01T12:04:08"
lang: "en-ZA"
word_count: 97
---

# UAE president announces $30 bln fund to bridge climate finance gap

> DUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed announced on Friday the establishment of a $30 billion climate fund for global climate solutions that it hopes will lead to $250billion of investment by the end of the decade.

By Reuters · Published 1 December 2023, 15:00 SAST · Updated 1 December 2023, 14:04 SAST

## Content

Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency.

In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTÉRRA has committed $6.5 billion to climate-dedicated funds for global investments, including the Global South, the statement said.

ALTÉRRA was established by Abu Dhabi-based alternate investment manager Lunate, and COP28 Director-General Majid Al Suwaidi will serve as ALTÉRRA's chief executive officer.

(Reporting by William James; Writing by Nadine Awadalla; Editing by Susan Fenton and Sharon Singleton)