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 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)