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.
https://en.dailypakistan.com.pk/30-Nov-2023/pm-kakar-arrives-in-dubai-to-lead-pakistani-delegation-at-cop28-conference
