14.02.2024,
9365 Zeichen
Dubai, Uae (ots/PRNewswire) - "ALTÉRRA, the US$30 billion climate
investment fund launched at COP28, aims to become the "fund of
choice" for the climate transition, with its structure, scale and
scope and focus on innovation and partnerships enabling it to steer
private markets towards climate investments and focus on transforming
emerging markets and developing economies," its chief executive
officer said yesterday in a special session at the World Governments
Summit.
* ALTÉRRA was launched at COP28 with a US$30 billion commitment
from
the UAE, making it the world's largest private investment vehicle
for climate change action.
* "The vehicle will play a critical role in driving climate
investments to where it is most needed to unlock impact at scale
to finance the climate economy," HE Ambassador Majid Al Suwaidi,
COP28 Director-General and ALTÉRRA CEO said in a panel session.
* "The vision for ALTÉRRA was borne out of the COP28 Presidency's
Action Agenda focus on making climate finance more available,
accessible and affordable to accelerate the global transition,"
Ambassador Al Suwaidi said.
* "ALTÉRRA's structure, scale and scope set it apart from other
investment vehicles and will help it become the go-to fund for
the
climate transition," he added.
* ALTÉRRA features an innovative two-part structure, with the first
arm, the US$25 billion ALTÉRRA ACCELERATION, designed to steer
capital towards investments at scale to accelerate the transition
to a net-zero and climate-resilient economy.
* The second arm, the US$5 billion ALTÉRRA TRANSFORMATION, is
designed to provide risk mitigation capital to incentivize
investment flows into the Global South.
* ALTÉRRA has a dedicated investment focus on four pillars that
underpin the priorities of the COP28 Action Agenda: the energy
transition, industrial decarbonization, sustainable living and
climate technologies.
"The UAE has committed US$30 billion to ALTÉRRA, making it the
world's largest private investment vehicle for climate change action,
and the fund aims to mobilize US$250 billion globally by 2030," HE
Ambassador Majid Al Suwaidi, COP28 Director-General and ALTÉRRA CEO,
said in a panel session.
The panel session included Dr. Mahmoud Mohieldin, Executive Director
at the International Monetary Fund; Rajiv Dhar, Board Member of the
National Infrastructure Investment Fund and Head of US India Green
Fund; Arvind Ramamurthy, Chief Market Development Officer at Abu
Dhabi Global Market (ADGM); Samir Suleymanov, Director of Finance at
COP28 and was moderated by Mercedes Monserrate, CEO of the Global
Climate Finance Center (GCFC).
Ambassador Al Suwaidi said, "The vision for ALTÉRRA was borne out of
the COP28 Presidency's Action Agenda focus on how we can make climate
finance more available, accessible and affordable for all, and remove
barriers impeding investment – especially into the Global South.
ALTÉRRA is a key element in the COP28 Presidential Action Plan to
help drive climate investment to the solutions and markets where it
is most needed."
"ALTÉRRA has been designed to be as innovative as possible to
maximize its impact and unlock capital flows to tackle challenges
head-on," Ambassador Al Suwaidi said.
Arvind Ramamurthy, Chief of Market Development at ADGM, said, "In its
commitment to catalyze climate finance amidst global transitions and
bolster the UAE's net-zero targets, ADGM is proud to be a home for
ALTÉRRA, a groundbreaking initiative with its climate transition
funds, and the GCFC, a private-sector-focused think tank and research
hub.
"As we navigate challenges to making climate finance universally
accessible, ensuring its availability, accessibility, and
affordability—the value proposition of ADGM and its sustainable
finance framework will be instrumental in strengthening a
climate-resilient economy. Collaboratively, they pave the path toward
establishing the UAE as the leading hub for comprehensive climate
finance initiatives."
Rajiv Dhar, Board Member, National Infrastructure Investment Fund &
Head of US India Green Fund, said, "There is a need for blended
finance for meeting the climate goals of Global South. ALTÉRRA is a
pathbreaking initiative of UAE and has been developing strategies for
making a significant impact in Emerging and Developing Economies."
ALTÉRRA features an innovative two-part structure, designed to both
bridge the gap in investment into the solutions needed to keep the
world on the 1.5C pathway, drive investment into the Global South,
and create new investment opportunities and strategies for emerging
markets and developing economies (EMDEs).
The first arm, ALTÉRRA ACCELERATION, with US$25 billion, is designed
to steer capital towards investments at scale to accelerate the
transition to a net-zero and climate-resilient economy. The second
arm, the US$5 billion ALTÉRRA TRANSFORMATION, is designed to provide
risk mitigation capital to further incentivize investment flows into
the Global South.
"Transforming the global economy towards a net-zero and
climate-resilient pathway will require a transformation of the
climate finance landscape and ALTÉRRA will play a key role in that
transformation," Ambassador Al Suwaidi said. "ALTÉRRA's mission is to
mobilize investment at scale, stimulating innovation and underpinning
the UAE's efforts to create a global green finance ecosystem that can
bridge investors and markets and ensures that money flows to where it
is most needed, in alignment with the objectives of The UAE
Consensus."
"Alongside ALTÉRRA structure and scale, ALTÉRRA's efforts to spur new
ideas, incentivize policy and regulatory frameworks, and identify
solutions to rapidly deploy capital across the entire value chain of
the new climate economy will create a multiplier effect in
climate-focused investment, helping it to achieve the target of
mobilizing US$250 billion in the next seven years. Innovative
partnerships will be key to the success of ALTÉRRA," Ambassador Al
Suwaidi said.
"Transforming the global economy towards a net-zero and
climate-resilient pathway will require a transformation of the
climate finance landscape and ALTÉRRA will play a key role in that
transformation," Ambassador Al Suwaidi said. "ALTÉRRA's mission is to
mobilize investment at scale, stimulating innovation and underpinning
the UAE's efforts to create a global green finance ecosystem that can
bridge investors and markets and ensures that money flows to where it
is most needed, in alignment with the objectives of The UAE
Consensus."
"ALTÉRRA is making good progress on the commitments made at COP28,
where in collaboration with BlackRock, Brookfield and TPG as
inaugural launch partners, it committed US$6.5 billion to
climate-dedicated funds for global investments, including the Global
South," the ambassador said.
ALTÉRRA is focused on the success of the Emerging Market transition
funds launched with Brookfield and TPG that are purpose-built to
attract institutional capital into markets that have to date been
chronically underinvested.
ALTÉRRA has a dedicated investment focus on four pillars that
underpin the priorities of the COP28 Action Agenda: the energy
transition, industrial decarbonization, sustainable living and
climate technologies.
In total, COP28 mobilized more than US$85 billion in direct climate
finance pledges, with 11 pledges and declarations made under the
Action Agenda.
ALTÉRRA adds to the UAE's accomplished track record of managing large
investment platforms and successfully developing and operating
renewable energy projects around the world, leading change as a
trusted facilitator at the global crossroads between North, South,
East and West. ALTÉRRA is a key component of the UAE's commitment and
contribution to climate finance and among the range of finance-led
initiatives launched during COP28 to address the climate finance
challenge holistically.
Notes to Editors COP28 UAE:
* At the historic COP28, countries came together to deliver The UAE
Consensus - the most ambitious and comprehensive set of
negotiated
outcomes to come out of the UNFCCC process since COP21.
* The UAE Consensus includes an unprecedented reference to
transitioning away from all fossil fuels in energy systems, in a
just, orderly and equitable manner in this critical decade to
enable the world to reach net zero emissions by 2050, in keeping
with the science.
* An important opportunity lies in working multilaterally on
commitments to deliver high-ambition decisions at COP28,
including
through The UAE Consensus. This can lead to real economy action
for 2030 and help with setting of interim targets that strengthen
the NDCs in 2025 in the lead-up to COP30.
* The UAE Consensus and the COP28 Action Agenda were launched in
response to the Global Stocktake (GST) - a report card on the
commitments made at COP21 in Paris. The GST was released just
before COP28 and highlighted that the world was significantly off
track in meeting the obligations made in Paris. The UAE Consensus
and the Action Agenda are decisions in response to these findings
and help keep 1.5°C within reach.
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-vehicle-aims-to-mobilize-us250-billion-by-2030-and-be-fund-of-choice
-for-climate-transition-ceo-tells-world-governments-summit-302061555.
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