DUBAI, UAE, December 1. The United Arab Emirates has announced the launch of a new private $30-million investment fund, Alterra, focused on climate projects in developing countries, said President of the United Arab Emirates Mohammed bin Zayed Al Nahyan, Trend reports.
He made the remark during the World Climate Action Summit (COP28), organized on the sidelines of the 28th Conference of the Parties to the UN Framework Convention on Climate Change taking place in Dubai.
He expressed hope that the fund would stimulate investments totaling $250 billion by 2030.
COP28 President, Dr. Sultan Ahmed Al-Jaber, also the head of ADNOC, the UAE's national oil company, will chair the board of the new fund.
The UAE president noted that the fund will advance international efforts to create a more equitable climate finance system, focusing on improving access to finance for countries in the Global South.
The opening ceremony of the World Climate Action Summit, organized within the framework of the 28th Conference of the Parties to the UN Framework Convention on Climate Change was held in Dubai on December 1.
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