UAE Pledges 30 Billion USD Climate Finance Fund

Addis Ababa, December 1/ 2023 (ENA):President of United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan has welcomed world leaders to COP28 with a pledge to create a 30 billion USD fund for climate financing.

"I am pleased to announce the establishment of a 30 billion USD fund for global climate solutions," Sheikh Mohamed told an audience of prime ministers, presidents and heads of state.

 "This fund is designed to bridge the climate finance gap," he added.

 Named Alterra, the fund is described as a catalytic climate vehicle that will be used to bolster climate financing.
Sheikh Mohamed said access to affordable finance to invest in clean sources of energy had long been a barrier to the clean energy transition.

 The climate talks also "come at a time when the world faces many challenges".

 "When we committed to hosting Cop28, we pledged to bring the world together to unite, build and to deliver," the President said.

 The Emirates has a long history of climate work, he said, including a pledge to achieve net zero by 2050, reduce carbon emissions by 40 per cent by 2030 and invest billions in clean energy.

 The United Nation’s annual climate summit is underway in Dubai, with world leaders approving a climate disaster fund that will see rich nations financially support developing countries who are affected by climate change-linked disasters.