Facts for Prelims (FFP)
Source: Reuters
Context: UAE President Sheikh Mohammed Bin Zayed Al Nahyan, at the COP28 climate summit in Dubai, announced the creation of a $30 billion climate fund named ALTÉRRA.
- The fund aims to attract $250 billion in investment by the end of the decade, with $25 billion allocated to climate strategies and $5 billion to incentivize investment in the Global South.
- The fund seeks to steer private markets towards climate investments, especially in emerging markets and developing economies.
The term “Alterra” typically refers to a Latin word that is often used in various contexts to signify alteration, transformation, or variation.
The fund’s investments will be guided by four key pillars:
1) Energy Transition
2) Industrial Decarbonization
3) Sustainable Living
4) Climate Technologies Top of Form
