COP28: UAE President announces $30 billion fund to bridge climate finance gap

COP28: UAE President announces $30 billion fund to bridge climate finance gap

Dubai: President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, welcomed world leaders to the World Climate Action Summit (WCAS) at COP 28 by establishing a $30 billion fund to bridge the climate finance gap.



The fund — named Altérra — is designed to bridge the climate finance gap. The UAE President said it aims to stimulate $250 billion of investment by 2030 on Friday at COP28.





Speaking at the COP28 at Expo City Dubai on Friday, Sheikh Mohamed said: “We (the UAE) are finding practical ways to accelerate the world’s transition to a low-emission growth economy. The lack of readily available and affordable climate finance has long been one of the biggest obstacles in advancing climate action globally.”