UAE Announces $30 Billion To Climate Investment Firm Alterra

The United Arab Emirates, president of COP28, today joined world leaders in announcing a $30 billion commitment to climate-related investment firm Alterra.

• Climate-related investment firm Alterra has become the largest institution dedicated to climate action with the announcement of a $30 billion investment.
• The organization has set a target of raising $250 billion globally by 2030.
• It aims to unify private markets for climate investment and focuses on transforming emerging markets and developing economies, where traditional investment has been lacking due to the high risks in those geographies.

What is climate-related investment firm Altera?

• Alterra is one of the finance-based initiatives launched during COP28 to accelerate the global transition to a low-carbon economy and build climate resilience.
• Lunet an independent global investment manager, founded it.
• It is located in Abu Dhabi Global Market.
• The Director-General of COP28, Ambassador Majid Al Suwaidi, has been selected as Chief Executive Officer of Altera.
• The Director-General of COP28, Ambassador Majid Al Suwaidi, has been selected as Chief Executive Officer of  Alterra.

COP-28 conference

• The global climate conference, COP-28, will be held in Dubai from November 30 to December 12 under the chairmanship of the United Arab Emirates.
• COP28 President – Sultan Ahmed Al Jaber

Initiative started in COP-28

'Green Credit Program' -

• Prime Minister Narendra Modi launched the ‘Green Credit Programme’, jointly hosted with UAE President Sheikh Mohammed bin Zayed Al Nahyan, during the COP-28 held in Dubai on December 1, 2023.
• Prime Minister Narendra Modi invited all countries to join this initiative.
• The Green Credit Initiative has been designed as a mechanism to encourage voluntary actions linked to the interest of the planet, as an effective response to the challenge of climate change.

Leadership Group for Industry Transition Platform -

• Prime Minister Narendra Modi jointly launched Phase-II of the Leadership Group for Industry Transition (LeadIT 2.0) for the period 2024-26 during COP-28 with Ulf Christerson, Prime Minister of Sweden.
• India and Sweden also launched the Industry Transition Platform, which will connect governments, industries, technology providers, researchers and think tanks of both countries.

LeadIT 2.0 will focus on the following points:

• Inclusive and Just Industry Transformation
• Co-development and transfer of low-carbon technology
• Financial assistance to emerging economies for industrial transformation