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COP28: UAE commits $30 billion to developing nations for climate projects  

The United Arab Emirates has announced a $30 billion investment fund designed to inject more capital into climate-related projects in developing nations.   

In partnership with private contributors, the UAE aimed to mobilize $250 billion by 2030. 

This fund is dedicated to supporting initiatives that drive the transition to green energy and the advancement of new technologies geared towards addressing the challenges of the climate crisis. 

The UAE announced that the Gulf country hosts the UN Climate Change Conference, COP28, in Dubai. 

ALTÉRRA, the initiative, will be the largest private investment commitment for climate change. The investment will aim to aid emerging markets with climate change funding by mobilizing $250 billion by 2030. The initiative plans to accelerate the global shift to net zero and decarbonize more efficiently. 

 COP28 President Dr. Sultan Al Jaber, who chairs ALTÉRRA’s board, stated:  

ALTÉRRA ACCELERATION and ALTÉRRA TRANSFORMATION form essential components of the broader ALTÉRRA initiative.

While the former concentrates on fortifying climate resilience through funding for decarbonization and climate strategies, the latter alleviates capital shortages in the Global South, opening avenues for new opportunities and investment attraction. 

Speaking on the initiative, Ambassador Al Suwaidi, said: 

In another place, the International Monetary Fund is pondering the creation of a debt-for-climate exchange initiative to help nations grappling with debt, such as Nigeria, in lessening their fiscal challenges and bolstering ecological conservation endeavours. 

Kristalina Georgieva, the Managing Director of the IMF, shared in an interview at COP28 that the organization has not yet settled on a conclusive mechanism for the debt-for-climate swap initiative.