UAE announces $30 billion Global Climate Fund

UAE President Sheikh Mohammed bin Zayed

DUBAI: United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan has announced the establishment of a $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 $250 billion by 2030, Sheikh Mohammed said in his address to the World Climate Action Summit, held during the UN Climate Change Conference (COP28) at Expo City Dubai.

Sheikh Mohamed stressed that the world faces many challenges, with climate change affecting all aspects of life and that the UAE has invested $100 billion in climate action and renewable and clean energy.

The UAE, made up of the emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah, is committed to investing an additional $130 billion over the next seven years, he added.

“The UAE has an established record in climate action. Over the past decades, we have built our capabilities in the renewable and clean energy sector,” he said.

“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 $100 billion in financing climate action, focusing on renewable and clean energy. We are also committed to investing approximately $130 billion over the next seven years.”