UAE’s $30b climate fund gears up for new investments

The United Arab Emirates’ $30 billion climate finance fund, Alterra, is preparing for its next investment phase after securing $6.5 billion in deals with BlackRock, TPG, and Brookfield Asset Management.

Alterra is now “actively planning the next phase of allocations,” according to Chief Executive Officer Majid Al Suwaidi in an interview. He did not disclose the money managers currently in discussions or provide a timeline for when an announcement might be made.

Al Suwaidi further highlighted the need for climate investment in emerging economies and plans to attract more institutional capital despite challenges like political instability and currency risks.

Alterra aspires to become a global leader in climate investment, fostering a vibrant climate finance hub in Abu Dhabi.

Attribution: Bloomberg.