UAE launches $30bn fund for climate projects at COP28

The United Arab Emirates has announced a new investment fund worth 30 billion dollars to channel more capital into climate projects in developing countries.

Together with private donors, it is hoped that 250 billion dollars will be mobilised by 2030.

The fund will focus on transitions to green energy and new technologies that offer solutions to the climate crisis.

The UAE made the announcement as the Gulf country hosts the UN Climate Change Conference, COP28, in Dubai.

COP28 President Sultan al-Jaber, who also heads the state-owned oil and gas company ADNOC, will chair the supervisory board of the fund, which will be called ALTÉRRA.

The exact criteria according to which the projects will be selected have yet to be revealed.

A major topic at the two-week conference is how global financial flows can be quickly redirected from oil, coal and gas towards renewable energies, especially in developing countries where financing for projects can be tough to secure.