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Cop28

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

UAE president announces $30 bln fund to bridge climate finance gap
Sheikh Mohammed bin Zayed Al Nahyan, United Arab Emirate's president, on the opening day of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Thursday, Nov. 30, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to Dubai to talk about arresting the world's slide toward environmental catastrophe. Photographer: Hollie Adams/Bloomberg via Getty Images

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.

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)

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