ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
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. |
UPSC Syllabus: Environment
