ESD Today writes that the climate-focused ALTÉRRA will kick-off with a commitment 30 billion USD from UAE and it could be one of the most important climate-focused funds, amounting to 250 billion USD by 2030.
BlackRock and Brookfield are among the launch partners and UAE officials claim that the platform aims at creating a "fairer climate finance system". The platform will be made of two structures, the first being ALTÉRRA ACCELERATION, worth 25 billion which will be used to support climate-related strategies that focus on net-zero strategies.
ALTÉRRA TRANSFORMATION is the second component, which will provide 5 billion USD in risk capital and which is aimed at attracting further financing for the Global South.
ALTÉRRA Acceleration will commit 1 billion USD to BlackRock’s recently launched Climate Transition-Oriented Private Debt strategy, with an additional 350 million USD going into the green infrastructure in the Global South.
Sultan Ahmed Al Jaber said that "ALTÉRRA provides a transformational solution for attracting private capital. Its launch reflects the COP Presidency’s Action Agenda and the UAE’s efforts to make climate finance available, accessible and affordable."