UAE to launch $30bn investment fund at COP28

UAE to launch $30bn investment fund at COP28

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The United Arab Emirates is preparing to launch a $30bn climate-related investment fund with BlackRock, TPG and Brookfield, according to people familiar with the matter.

The launch comes as the UAE attempts to bolster its credentials as host of COP28 on the first days of the UN summit.

Lunate Capital, a new Abu Dhabi-based asset manager set up with $50bn in assets, will oversee the fund with at least $5bn earmarked for investment in Global South countries, three people involved in discussions said.

The UAE is drawing on vast resources amassed as one of the world’s biggest oil and gas producers. The nation sits on assets worth $2.5tn across its sovereign wealth fund, pension funds and central bank, according to data provider Global SWF. 

COP28 president Sultan al-Jaber has repeatedly said climate finance would be a key focus for the summit, which kicked off on Thursday in Dubai. Tens of thousands of delegates and up to 180 heads of state or government are expected to attend the event in Expo City over the next two weeks. 

The Financial Times reported this week that the UAE was putting together a multibillion-dollar investment