The United Arab Emirates, host of COP-28, announced a US$30 billion commitment to an investment fund called ALTÉRRA. The privately managed fund aims to mobilise US$250 billion globally by 2030 and be the largest of its kind, geared towards climate investments and transform emerging markets and developing economies.
From the initial tranche, an unspecified amount has been earmarked for the development of over 6.0 GW (1 GW is 1,000 MW) of new clean energy capacity in India. This includes establishing 1,200 MW of wind and solar projects that will begin producing clean power by 2025.
COP-28 President, Sultan Ahmed Al Jaber will chair the fund and Director-General, Majid Al Suwaidi, will serve as its Chief Executive Officer. ALTÉRRA has been established by Lunate, an independent global investment manager, and is domiciled in the Abu Dhabi Global Market.
