ALTÉRRA aims to drive global climate transition, says Ambassador Al Suwaidi
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ALTÉRRA, a new $30B catalytic climate investment fund launched at COP28, aims to become the “fund of choice” for the climate transition, HE Ambassador Majid Al Suwaidi, COP28 Director-General and ALTÉRRA CEO said at the World Governments Summit.
“The UAE has committed $30 billion to ALTÉRRA, making it the world’s largest private investment vehicle for climate change action, and the fund aims to mobilize $250 billion globally by 2030,” Ambassador Majid Al Suwaidi said in a panel session.
“The vision for ALTÉRRA was borne out of the COP28 Presidency’s Action Agenda focus on how we can make climate finance more available, accessible and affordable for all, and remove barriers impeding investment – especially into the Global South. ALTÉRRA is a key element in the COP28 Presidential Action Plan to help drive climate investment to the solutions and markets where it is most needed…ALTÉRRA has been designed to be as innovative as possible to maximize its impact and unlock capital flows to tackle challenges head-on,” Ambassador Al Suwaidi said.
ALTÉRRA features a two-part structure:
“Transforming the global economy towards a net-zero and climate-resilient pathway will require a transformation of the climate finance landscape, and ALTÉRRA will play a key role in that transformation,” Ambassador Al Suwaidi said. “ALTÉRRA’s mission is to mobilize investment at scale, stimulating innovation and underpinning the UAE’s efforts to create a global green finance ecosystem that can bridge investors and markets and ensures that money flows to where it is most needed, in alignment with the objectives of The UAE Consensus.”
“Alongside ALTÉRRA structure and scale, ALTÉRRA’s efforts to spur new ideas, incentivize policy and regulatory frameworks, and identify solutions to rapidly deploy capital across the entire value chain of the new climate economy will create a multiplier effect in climate-focused investment, helping it to achieve the target of mobilizing $250 billion in the next seven years. Innovative partnerships will be key to the success of ALTÉRRA,” Ambassador Al Suwaidi said.
“Transforming the global economy towards a net-zero and climate-resilient pathway will require a transformation of the climate finance landscape, and ALTÉRRA will play a key role in that transformation,” Ambassador Al Suwaidi said. “ALTÉRRA’s mission is to mobilize investment at scale, stimulating innovation and underpinning the UAE’s efforts to create a global green finance ecosystem that can bridge investors and markets and ensures that money flows to where it is most needed, in alignment with the objectives of The UAE Consensus.”
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