{"id":1069,"date":"2023-12-03T11:14:44","date_gmt":"2023-12-03T11:14:44","guid":{"rendered":"https:\/\/gccbusinessgate.com\/?p=1069"},"modified":"2023-12-03T11:15:17","modified_gmt":"2023-12-03T11:15:17","slug":"uae-president-sheikh-mohamed-unveils-30bn-climate-fund","status":"publish","type":"post","link":"https:\/\/gcctendergate.com\/ar\/uae-president-sheikh-mohamed-unveils-30bn-climate-fund\/","title":{"rendered":"UAE President Sheikh Mohamed unveils $30bn climate fund"},"content":{"rendered":"<p>The UAE\u2019s President Sheikh Mohamed bin Zayed Al Nahyan has announced the establishment of a $30bn climate fund for global climate solutions, according to the state news agency,\u00a0<em>Emirates News Agency<\/em>.<\/p>\n<p>The fund is designed to bridge the climate finance gap and aims to stimulate $250bn of investment by 2030, Sheikh Mohamed during the opening of the World Climate Action Summit.<\/p>\n<div align=\"center\">\n<div id=\"aniview\"><\/div>\n<\/div>\n<p>ALT\u00c9RRA, as the fund will be known, is designed to bridge the climate finance gap and aims to stimulate $250bn of investment by 2030, Sheikh Mohamed during the opening of the World Climate Action Summit.<\/p>\n<p>It will allocate $25bn towards climate strategies and $5bn specifically to incentivise investment flows into the Global South, Canadian private capital group Brookfield and ALT\u00c9RRA said in an emailed statement.<\/p>\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"Twitter Tweet\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=false&amp;embedId=twitter-widget-0&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=true&amp;id=1730514149430468775&amp;lang=en&amp;origin=https%3A%2F%2Fgulfbusiness.com%2Fhere-are-details-of-the-uaes-30bn-climate-fund%2F&amp;sessionId=129fae689fd5a2685bb47d07c24c0d88dd64d96b&amp;theme=light&amp;widgetsVersion=01917f4d1d4cb%3A1696883169554&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1730514149430468775\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p>ALT\u00c9RRA, an ADGM-based climate-focused investment manager, was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50bn assets under management.<\/p>\n<p>The investment vehicle has committed $6.5bn to climate-dedicated funds for global investments in collaboration with BlackRock, Brookfield and TPG.<\/p>\n<p>The UAE President said, in his opening remarks, that the COP28 climate change summit comes at a time when the world faces many challenges, with climate change affecting all aspects of life.<\/p>\n<p>Sheikh Mohamed said the UAE has invested $100bn in climate action and renewable energy and is committed to investing an additional $130bn over the next seven years.<\/p>\n<h2>UAE accelerates climate impact<\/h2>\n<p>Meanwhile, the\u00a0COP28\u00a0climate summit kicked off with world nations adopting a new fund to help the Global South cope with costly climate disasters.<\/p>\n<p>The UAE and Germany each pledged $100m to the fund, the European Union pledged $245.4m, the UK committed GBP40m for the fund and another GBP20m for other arrangements while the $17.5m will come from the US and $10m from Japan.<\/p>\n<p>The early breakthrough on the \u201closs\u00a0and\u00a0damage\u201d\u00a0fund, which the Global South has demanded for years, could help set the tone for other compromises to be made during the two-week summit.<\/p>\n<p>The Atlantic Council think tank said several other demands that will be made at this year\u2019s climate change summit include ramping up climate finance to meet the $100bn disbursed by developed countries that have been pledged under the Paris Agreement.<\/p>\n<p>Until now, there hasn\u2019t been a year where the $100bn has been met with maximum disbursements ranging from $72-80 billion per year, depending on the accounting.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>The UAE\u2019s President Sheikh Mohamed bin Zayed Al Nahyan has announced the establishment of a $30bn climate fund for global climate solutions, according to the state news agency,\u00a0Emirates News Agency. [&hellip;]<\/p>","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.1 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UAE President Sheikh Mohamed unveils $30bn climate fund - GCC Tenders &amp; Business Gate | \u0645\u0646\u0635\u0629 \u0627\u0644\u062e\u0644\u064a\u062c \u0644\u0644\u0623\u0639\u0645\u0627\u0644 \u0648\u0627\u0644\u0645\u0646\u0627\u0642\u0635\u0627\u062a<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gcctendergate.com\/ar\/uae-president-sheikh-mohamed-unveils-30bn-climate-fund\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE President Sheikh Mohamed unveils $30bn climate fund\" \/>\n<meta property=\"og:description\" content=\"The UAE\u2019s President Sheikh Mohamed bin Zayed Al Nahyan has announced the establishment of a $30bn climate fund for global climate solutions, according to the state news agency,\u00a0Emirates News Agency. 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