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Source: The post is based on the article “ALTÉRRA Fund: UAE announces $30-bn fund to boost climate investments” published in “The Hindu” on 2nd December 2023
Why in the News?
At COP-28, the United Arab Emirates (UAE) has announced a new USD 30 billion fund called ALTÉRRA for climate investments and transforming emerging markets and developing economies.
What is ALTÉRRA?
| Specifications | Details |
| What | It is a privately managed fund focussed on climate investments in emerging markets and developing economies. |
| Established by | Lunate, an independent global investment manager based in UAE |
| Chair | COP-28 President Sultan Ahmed Al Jaber will chair the fund. |
| Targeted Corpus for the Fund | Aims to mobilise $250 billion by 2030. UAE has pledged $30 billion to the fund. |
| Key Verticals | The fund’s investments will be guided by four key pillars: 1) Energy Transition 2) Industrial Decarbonization 3) Sustainable Living 4) Climate Technologies |
| Fund’s Investment Plans for India | 1) Initially, a portion of this fund will support development of over 6 GW of new clean energy capacity in India. 2) This includes creating 1,200 MW of wind and solar projects that will begin producing clean energy by 2025. |
| Significance | By 2030, emerging markets and developing economies will require $2.4 trillion every year to address climate change. |
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