UAE pledges to kickstart ‘new climate economy’

UAE pledges to kickstart ‘new climate economy’

The UAE has announced a package of funding initiatives aimed at mobilising finance reform to create a “climate economy” – one of the main aims of Cop28.  In a speech to delegates of the UN climate summit, Cop28 president Sultan Al Jaber launched the official UAE Declaration on a Global Climate Finance Framework – an […]

UAE Declaration launched

Altérra fund worth $30bn

Aims to help Global South

The UAE has announced a package of funding initiatives aimed at mobilising finance reform to create a “climate economy” – one of the main aims of Cop28. 

In a speech to delegates of the UN climate summit, Cop28 president Sultan Al Jaber launched the official UAE Declaration on a Global Climate Finance Framework – an agenda for financing the low-carbon and climate action economy. 

“We all know climate finance is not available, accessible or affordable enough. This is impacting lives and livelihoods across the Global South,” Al Jaber said. “The declaration is a framework for financing a new climate economy.” 

Among the initiatives announced as part of the new framework was the UAE’s launch of a $30 billion fund, called Altérra, to “steer private markets at scale towards climate investments”, the Cop28 presidency said. 

The Altérra fund, launched in