UAE pledges $30bn to climate investment vehicle
1 December 2023
The Cop28 summit host country has announced a $30bn commitment to the newly launched climate vehicle known as Alterra.
The climate fund aims to mobilise $250bn globally by 2030, making it the world’s largest private investment vehicle for climate change action.
In a statement, the Cop28 presidency said Alterra will “drive forward international efforts to create a fairer climate finance system, with an emphasis on improving access to funding for the Global South”.
Global South refers to poorer or developing countries needing urgent financial support to implement climate change adaptation measures.
Alterra aims “to steer private markets towards climate investments and focus on transforming emerging markets and developing economies, where traditional investment has been lacking due to the higher perceived risks across those geographies”.
The statement noted: “Finance for climate action is not currently available, accessible or affordable enough where it is needed.
“By 2030, emerging markets and developing economies will require $2.4tn every year to address climate change. That is why Cop28 made fixing climate finance a key pillar of its Action Agenda and has worked to deliver ambitious solutions, including mobilising private markets at scale.”
Lunate, an independent global investment manager domiciled in Abu Dhabi Global Market, established Alterra.
Cop28 president Sultan al-Jaber will chair Alterra’s board. Cop28 director-general Majid al-Suwaidi will serve as CEO.
Two-part structure
Alterra will have a two-part structure. The $25bn Alterra Acceleration will steer institutional capital towards climate investments at scale. It will serve as an anchor investor and co-investor in climate strategies, allocating capital both directly and through fund partnerships to maximise its global impact.
Alterra Transformation, a $5bn arm, will provide risk mitigation capital to incentivise investment flows into the Global South, directly addressing the challenges that currently limit climate investment and access to affordable capital. It will also create opportunities to leverage concessional finance to further attract climate investment to Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
The climate finance initiative announced on 1 December builds on the $400m of pledges made to operationalise the Loss and Damage Fund announced on 30 November, when the Cop28 summit opened at Expo City Dubai.
Food declaration
In addition to the climate finance declaration on 1 December, the Cop28 presidency also announced that 134 world leaders have signed up to its landmark agriculture, food and climate action declaration.
This is accompanied by the mobilisation of more than $2.5bn in funding to support food security while combatting climate change and a new partnership between the UAE and the Bill and Melinda Gates Foundation for food systems innovation to tackle climate change.
The declaration was announced at a special session of the World Climate Action Summit (WCAS) by Indonesia President Joko Widodo, Italy’s Prime Minister Giorgia Meloni, Samoa’s Prime Minister Fiame Naomi Mataafa and the US secretary of state Anthony J. Blinken.
The declaration addresses global emissions while protecting the lives and livelihoods of farmers on the frontlines of climate change.
“There is no path to achieving the goals of the Paris Climate Agreement and keeping 1.5C within reach that does not urgently address the interactions between food systems, agriculture and climate,” said UAE Minister of Climate Change and Environment and Cop28 Food Systems Lead Mariam bint Mohammed Almheiri.
King Charles
The UK’s King Charles (pictured with UAE President Mohammed bin Zayed) delivered a keynote speech at the opening session of Cop28 in Dubai on 1 December.
The British monarch urged world leaders to prioritise five areas that he felt needed urgent attention. These include:
- strengthening multilateral organisations
- ensuring finance for developments needed for a sustainable future
- accelerating the development of clean technology and renewable energy
- bringing together solutions for a long-term, multinational approach
- creating a shared, ambitious view for the next 100 years
King Charles has delivered keynote speeches at three previous Cops: Copenhagen in 2009, Paris in 2015 and Glasgow in 2021.
Photo: Wam
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