The President of the UAE reveals a $30 billion fund to address the climate finance shortfall.

Today, Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi, unveiled a $30 billion fund during the opening of the World Climate Action Summit at COP28. This initiative, aimed at bridging the climate finance gap, is envisioned to foster affordability in the global effort against climate change. Sheikh Mohammed emphasized that the fund is strategically crafted to address the climate finance shortfall and seeks to catalyze $250 billion in investments by the year 2030.

“This fund is specifically designed to bridge the climate finance gap, ensuring affordability at scale,” stated Sheikh Mohammed.

Notably, the Financial Times reported on Thursday that this fund will receive support from major global investors, including BlackRock.