Dubai : UAE President His Highness Shaikh Mohamed bin Zayed Al Nahyan today announced the establishment of a US$30 billion fund for global climate solutions.
Designed to bridge the climate financing gap and facilitate affordable access, the fund aims to stimulate the raising and investment of US$250 billion by 2030, Emirates News Agency (WAM) said.
The UAE President announced the establishment of the Global Climate Fund while opening the World Climate Action Summit, held during the UN Climate Change Conference (COP28) at Expo City Dubai.
In his opening statement, His Highness said: “Over the past decades, we have built our capabilities in the renewable and clean energy sector. We have set a national pathway to net zero by 2050. The UAE is committed to a 40% reduction in emissions by 2030.”
“To date, we have invested US$100 billion in financing climate action, focusing on renewable and clean energy. We are also committed to investing approximately US$130 billion over the next seven years,” HH added.
The UAE President also said: “When we committed to hosting COP28, we pledged to bring the world together to unite, work, and deliver. We are finding practical pathways to accelerate the world’s transition to sustainable economic growth. The lack of financing has long been one of the biggest obstacles to advancing climate action globally.
“Therefore, I am pleased to announce the establishment of a US$30 billion fund for global climate solutions. This fund is specifically designed to bridge the climate finance gap, ensuring availability, accessibility and affordability at scale. Its objective is to stimulate the raising and investment of US$250 billion by 2030.”