The UAE launches world’s largest private green investment fund
DUBAI, December 5, 2023 – The UAE has launched a USD 30-billion investment vehicle aimed at helping combat climate change in global markets by focusing on the energy transition, the government announced at the COP28 convention in Dubai on Friday.
The Alterra fund will finance projects to help combat climate change, namely through energy transition, industrial decarbonisation and sustainable lifestyles projects and climate technologies.
Immediate investments have been earmarked for developing more than 6 GW of clean energy capacity in India, with 1.2 GW expected to be commissioned by 2025.
Additionally, the fund is expected to help finance more than 5 GW of onshore wind and solar projects in Africa and upgrade electrification platforms in Latin America.
Alterra’s ultimate goal is to mobilise USD 250 billion in investments by 2030.
Ambassador Majid Al Suwaidi, CEO of COP28, will be the new CEO of Alterra.
The new entity’s launch partners include US investment management company BlackRock, Canadian investment entity Brookfield and multinational asset manager TPG.
Alterra will be the world’s largest private investment fund focused on climate action.
COP28 runs from November 30 to December 12, 2023.
Read our latest insights on:
Latest news and features
