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UAE President Sheikh Mohamed Pledges $30bn for Climate Financing Fund

  • Publish date: Friday، 01 December 2023 Last update: Tuesday، 10 December 2024
UAE President Sheikh Mohamed Pledges $30bn for Climate Financing Fund

UAE's President Sheikh Mohamed bin Zayed has pledged $30 billion for the climate financing fund, named Alterra, at the COP28 in Dubai.

Read More: COP 28 Presidency Hosts an Important Meeting on Loss and Damage Fund

The fund for climate financing will help bridge the climate finance gap. 

During the announcement of this news, Sheikh Mohamed explained how access to financial resources to invest in clean energy had been a barrier to the clean energy transition for a long time. 

Read More: Kings, Presidents, and Prime Ministers at the COP28 in Dubai

With the President's pledge to the climate financing fund, the UAE is taking a step closer to reducing the climate finance gap.

The UAE has already pledged to achieve net zero by 2050 and to reduce carbon emissions by 40 percent by 2030.

The Emirates has already committed to investing billions in clean energy.

Image source: @MohamedBinZayed X page

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