COP28-president Sultan al-Jaber — © AFP
The United Arab Emirates announced a new climate fund on Friday. The fund, which has been given the name Altérra and will be chaired by COP28 President Sultan al-Jaber, will initially be funded with a check worth 30 billion dollars (27.5 billion euros). The objective is to mobilize $250 billion by 2030, partly through the contribution of private companies.
The announcement by Sheikh Mohammed bin Zayed Al Nahyan, the President of the United Arab Emirates, came at the start of the World Climate Action Summit, where more than 140 heads of state and government will speak on Friday and Saturday.
The aim of the fund is to “promote international efforts for fairer climate finance, with a focus on improving access to finance for countries in the Global South,” it said in a press release.