The United Arab Emirates (UAE), the host of COP28, has announced a commitment of $30 billion to Altérra, a new climate-oriented fund it is launching with BlackRock, Brookfield and TPG as partners.
Altérra seeks to mobilize $250 billion toward climate-related opportunities by 2030, focusing on the energy transition, industrial decarbonization, sustainable living and climate technologies through infrastructure, private equity and growth, private debt and venture capital investments.
Of the UAE’s $30 billion commitment, $5 billion will be directed through Altérra Transformation, a vehicle that will provide risk mitigation capital to incentivize climate-oriented investment into the Global South.
The remaining $25 billion of the UAE’s investment will be a part of the Altérra Acceleration vehicle, which will “steer institutional capital towards climate investments at scale that have the greatest potential to accelerate the transition to a net-zero and climat