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The UAE has pledged to give $30 billion to combat climate change.
The money will go towards a new private investment vehicle, Alterra, which aims to raise $250 billion globally in the next six years to create a fairer climate finance system.
The commitment was announced by President Sheikh Mohamed during his opening address at the Cop28 summit in Dubai on Friday.
Alterra will become the "world's largest private investment vehicle for climate action", according to Cop officials, and will focus on climate investments in emerging markets and developing economies, where traditional funding has been lacking because of the higher perceived risks.
Alterra, in collaboration with BlackRock, Brookfield and TPG as inaugural launch partners, has already committed $6.5 billion to climate-dedicated funds for global investments, including in the Global South, a statement said.
The partners are expected to mobilise capital from other institutional investors and global entities.
The launch of the vehicle is a “defining moment” in the creation of a new era of international climate finance, said Cop28 President Dr Sultan Al Jaber, who will also chair Alterra's board.
"Alterra provides a transformational solution for attracting private capital. Its scale and structure will create a multiplier effect in climate focused investment, making it a vehicle like no other," he said.
"Its launch reflects the Cop presidency’s action agenda and the UAE’s efforts to make climate finance available, accessible and affordable.”
Emerging markets and developing economies will require up to $2.4 trillion every year to address climate change by 2030, a report by Cop27 found.
Meanwhile, without concessional finance in developing economies, a net-zero scenario would cost more than $7 trillion per year through to 2050, or $200 trillion in total by mid-century, consultancy Deloitte said in a report this week.
About 70 per cent of those investments would take place in low and middle-income economies.
However, making green projects more bankable can “unleash private finance” and bring investment spending down by $2 trillion every year. This amounts to $50 trillion in total by mid-century, which is about half of the global annual gross domestic product today, the report said.
Concessional funding using better financing structures can reduce the cost of the energy transition by nearly 40 per cent for developing countries, lowering global investment needs to $5.5 trillion per year.
Alterra is among the finance-led initiatives being launched at Cop28 to accelerate the global transition to a low-carbon economy and build climate resilience.
It will focus on supporting Cop28's four key priorities, including energy transition, industrial decarbonisation, sustainable living and climate technologies.
Alterra will have a two-part structure to support "new ideas, incentivise policy and regulatory frameworks, and identify solutions to deploy capital across the entire value chain of the new climate economy", the statement said.
Alterra Acceleration, a $25 billion fund, will provide institutional capital to climate investments at scale. It will serve as an anchor investor and co-investor in climate strategies, allocating capital both directly and through fund partnerships.
Meanwhile, the $5 billion Alterra Transformation fund will provide risk mitigation capital to incentivise investment flows into the Global South. It will also aim to create opportunities to "leverage concessional finance to further attract climate investment" to least developed countries and small island developing states.
From the initial commitment, immediate capital investment has already been set aside for the development of more than six gigawatts of new clean energy capacity in India.
This includes the construction of 1,200 megawatts of wind and solar projects that will begin producing clean power by 2025.
Alterra is also exploring other investment opportunities, including an African development platform with a pipeline of more than five gigawatts of onshore wind and solar PV energy projects as well as a rural electrification platform in Latin America that will provide electricity to more than a million people in remote rural areas, the statement said.
Alterra has been established by global investment manager Lunate and is located in the Abu Dhabi Global Market.
It will have a team of specialist climate investment professionals, with Cop28 director general Majid Al Suwaidi as chief executive.
"Alterra is a critical element in the UAE’s efforts to create a global green finance ecosystem that stimulates and empowers the growth of a new climate economy," Mr Al Suwaidi said.
"It will build a vibrant climate investment landscape which further catalyses investment into the Global South."
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Aquaman%20and%20the%20Lost%20Kingdom
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20James%20Wan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Jason%20Mamoa%2C%20Patrick%20Wilson%2C%20Amber%20Heard%2C%20Yahya%20Abdul-Mateen%20II%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Results
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m; Winner: Major Cinnamon, Fernando Jara, Mujeeb Rahman
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m; Winner: Al Mureib, Fernando Jara, Ahmad bin Harmash
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m; Winner: Remorse, Tadhg O’Shea, Satish Seemar
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m; Winner: Meshakel, Xavier Ziani, Salem bin Ghadayer
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m; Winner: Desert Peace, William Buick, Charlie Appleby
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m; Winner: Sharamm, Ryan Curatlo, Satish Seemar
Killing of Qassem Suleimani
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E268hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E380Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh208%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
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