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COP28: UAE announces $30 billion fund to tackle global climate challenges

04:13 PM | 1 Dec, 2023
COP28: UAE announces $30 billion fund to tackle global climate challenges
Source: File Photo

DUBAI – The United Arab Emirates (UAE) has announced a $30-billion fund to find practical solutions to the climate change issues across the world. 

UAE President Sheikh Mohamed bin Zayed Al Nahyan made the announcement on social media platform X, formerly Twitter, as the COP28 [28th United Nations Climate Change conference] entered the second days on Friday. 

"When we committed to hosting COP28, we committed to bringing the world together to provide practical solutions to the challenge of climate change. Given that one of the biggest obstacles to global climate action is the lack of financing in an accessible and affordable manner, today during the World Climate Action Summit we announced the establishment of a $30 billion fund for climate solutions worldwide, to bridge the climate financing gap and facilitate access to it at an affordable cost," the president wrote.

The fund is for the newly launched catalytic climate vehicle, ALTÉRRA, a significant initiative that aims at a creating a fair climate finance system. 

The president’s commitment for record $30 billion has made ALTÉRRA the world’s largest private investment vehicle that wants to mobilise the world to collect $250 billion by 2023.

COP28 UAE began at Expo City Dubai on November 30 and it will continue till December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.

As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake - a comprehensive evaluation of progress against climate goals.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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