United Arab Emirates President Sheikh Mohammed Bin Zayed has announced the establishment of a $US30 billion ($A45 billion) climate fund for global climate solutions he hopes will lead to $US250 billion ($A378 billion) of investment by the end of the decade.
Dubbed ALTERRA, the fund will allocate $US25 billion ($A38 billion) towards climate strategies and $US5 billion ($A7.6 billion) specifically to incentivise investment flows into the Global South, a statement by the COP28 Presidency on Friday said.
In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTERRA has committed $US6.5 billion ($A9.8 billion) to climate-dedicated funds for global investments, including the Global South, the statement said.
ALTERRA was established by Abu Dhabi-based alternate investment manager Lunate, and COP28 Director-General Majid Al Suwaidi will serve as ALTERRA's chief executive officer.
Australian Associated Press