Alterra Unveils Ambitious $30 Billion Climate Investment Fund

Alterra Unveils Ambitious $30 Billion Climate Investment Fund

By Staff Writer, 16 February 2024

At the World Governments Summit (WGS) in Dubai on Wednesday (14/2), Alterra, a newly launched climate investment fund valued at $30 billion, aims to spearhead the global effort in combating climate change.

The CEO of Alterra highlighted its ambition to emerge as the premier choice for climate transition funding during a special session today, emphasizing its robust structure, substantial scale, and expansive scope.

The United Arab Emirates (UAE) has pledged a monumental $30 billion to Alterra, propelling it to the forefront as the largest private investment entity dedicated to climate action worldwide.

Ambassador Majid Al Suwaidi, COP28 Director-General and CEO of Alterra, disclosed this significant commitment, further outlining the fund's ambitious goal of mobilizing $250 billion globally by 2030.

The panel discussion at WGS featured esteemed figures including Dr. Mahmoud Mohieldin from the International Monetary Fund, Rajiv Dhar representing the National Infrastructure Investment Fund and the US India Green Fund, Arvind Ramamurthy from Abu Dhabi Global Market (ADGM), and Samir Suleymanov, the Director of Finance at COP28.

The session was skillfully moderated by Mercedes Monserrate, CEO of the Global Climate Finance Center (GCFC).

Ambassador Al Suwaidi underscored the genesis of Alterra, which stemmed from COP28 Presidency’s Action Agenda, aimed at democratizing climate finance accessibility and affordability worldwide. He outlined Alterra as a pivotal component of COP28's Presidential Action Plan, geared towards channeling climate investments into regions where it is most urgently needed, particularly in the Global South.

Alterra, he emphasized, was meticulously crafted to foster innovation, with a primary objective of amplifying its impact and catalyzing capital flows to address climate challenges directly.

With its visionary approach and substantial backing, Alterra is poised to revolutionize climate finance, marking a significant stride towards a sustainable future.

Source: Trade Arabia

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