UAE commits $30 billion to new climate-based fund with BlackRock

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Sultan Ahmed Al Jaber, President of the COP28 UNFCCC Climate Conference, attends a press conference after the opening session of the conference on November 30, 2023 in Dubai, United Arab Emirates.

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The United Arab Emirates said Friday it would add $30 billion to a new climate-focused fund, with financial juggernauts BlackRock, Brookfield and TPG stepping in as early stage partners.

The fund, called Alterra, seeks to lead to $250 billion in investments by 2030 and will focus on improving access to finance, particularly for the Global South – which is widely refers to developing countries in Latin America, Asia, Africa and Oceania – and leads. private markets towards climate investments. His activity will be central on areas including energy transition, industrial decarbonisation and climate technology.

The announcement was made on the second day of the COP28 climate summit in the UAE.

COP28 President Sultan al-Jaber, who is also the chief executive of Abu Dhabi National Oil Company (ADNOC), will chair Alterra’s board. he is he said in a statement “The fund’s scale and structure will create a multiplier effect in climate-focused investing, making it a unique tool.”

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Majid al-Suwaidi, the managing director of COP28, will be the chief executive of Alterra, and Lunate, a new fund manager based in Abu Dhabi, will lead the fund.

COP, an annual meeting of heads of state, scientists, environmentalists, activists, business leaders and more, will run in the Emirates this year between 30 November and 12 December.

The UAE has been under pressure to deliver results as host of the 2023 conference, amid widespread backlash over al-Jaber’s position at the start of the year due to potential conflicts of interest in his role. in the fossil fuel industry. COP28 officials have since argued that this year’s summit will focus on engaging the private sector.

In an early breakthrough, countries on Thursday agreed details for a disaster fund to help countries hit by the climate crisis, building on a historic deal struck at COP27 in Egypt on last year

But the goodwill of the UAE’s energy transition intentions was questioned again shortly before the summit, when documents obtained by a non-profit investigative journalism group revealed that al-Jaber planned to discuss fossil fuel deals with 15 countries. during the conference.

In a press release on Wednesday, al-Jaber called the report “false, not true, incorrect and inaccurate,” while a COP28 spokesman said the documents were inaccurate and were not used by COP28 in meetings .

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