COP28: UAE President unveils $30bn fund to address climate finance gap

Sheikh Mohammed announced further plans to invest $250 bn b 2030
COP28: UAE President unveils $30bn fund to address climate finance gap
Ambitious plans revealed at COP28

Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, Ruler of Abu Dhabi, made a significant announcement on Friday regarding the global efforts to combat climate change. He unveiled a substantial fund of $30 billion aimed at addressing the climate finance gap and promoting accessibility in the fight against climate change.

During the opening ceremony of the World Climate Action Summit at COP28, Sheikh Mohammed shared additional plans to invest a staggering $250 billion by 2030. This ambitious initiative demonstrates a strong commitment to environmental sustainability and signifies the UAE’s dedication to playing a leading role in the global climate action.

Read more: Coinciding with COP28: IRENA highlights potential for 40 mn jobs by 2050 through accelerated energy transition

Sheikh Mohammed highlighted that the fund has been specifically designed to bridge the climate finance gap while ensuring affordability on a large scale. The intention behind this initiative is to provide substantial financial resources to support climate-related projects and initiatives worldwide.

According to a recent report by the Financial Times on Thursday, the fund is set to receive backing from some of the world’s largest investors, including BlackRock. In addition, this collaboration with influential investors underscores the significance of the initiative and highlights the recognition and support it has garnered from prominent entities in the financial sector.

For more news on sustainability, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.