United Arab Emirates (UAE) launched a private investment fund this Friday to help countries Global South have better access to climate finance and will try to mobilize $250 billion worldwide by 2030.
The UAE has pledged $30 billion to this new instrument, which it calls ALTERRA, whose goal is to “channel private markets towards climate investments and focus on transforming emerging markets and developing countries where traditional investments have been absent due to higher perceived risks in these regions.”
Of this 30 billion, 5 billion will go to emerging markets, a category that includes less developed countries and island nations.
The fund becomes “the world’s largest private investment vehicle to fight crime.” changing of the climate and will try to mobilize $250 billion globally by 2030,” the statement said. KS28.
By 2030, emerging markets and developing countries will need $2.4 trillion a year to address climate change.
He Sultan Al Jaber, The President of COP28, who will chair the ALTÉRRA Council, assured that this is a “decisive moment” and it is about “creating a new era of international climate finance.”
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“ALTÉRRA offers a transformative solution for attracting private capital. Its scale and structure will have a multiplier effect on climate-smart investments, making it a unique tool. Its launch reflects the agenda of the President of the CoP and the UAE’s efforts to make climate finance accessible and affordable,” said Al Yaber.
The fund is part of a series of financial initiatives launched during COP28 to accelerate the global transition to a sustainable economy. low carbon emissions and build resilience to climate change, according to the conference.
Yesterday, the Emirates already marked an important milestone, for the first time on the first day of the climate conference, it was decided to approve a new loss and damage fund for countries that suffered the most from the consequences of the climate conference. global warming.
(EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
