Sheikh Mohammed bin Zayed Al Nahyan, the President of the United Arab Emirates, has announced the creation of a $30 billion fund for global climate solutions.
The fund is designed to bridge the climate financing gap and make it more accessible at an affordable cost, with the goal of mobilizing and investing $250 billion by 2030.
This announcement was made during Sheikh Mohammed bin Zayed’s opening speech at the “Global Climate Action Summit” held as part of the United Nations Framework Convention on Climate Change COP28 in Expo Dubai.
In his opening address, Sheikh Mohammed bin Zayed welcomed world leaders, heads of governments, delegations, and representatives of international organizations to the Global Climate Action Summit in the United Arab Emirates.
He emphasized the significant challenges the world faces, particularly climate change, which impacts all aspects of life.
The UAE has invested $100 billion in climate action, renewable and clean energy over the past few decades, and it commits to investing an additional $130 billion in the next seven years.
The UAE has also set a national path to achieve climate neutrality by 2050.
Addressing the issue of climate finance, Sheikh Mohammed stressed that the lack of funding has been one of the major obstacles to global climate action.
To address this, the newly established fund aims to stimulate the collection and investment of $250 billion by 2030.
The fund’s goal is to support climate projects and initiatives globally, enabling countries to accelerate their efforts to combat climate change.
It is a significant step towards achieving global climate ambitions and fostering sustainable development.
Sheikh Mohammed’s announcement came during the “Charity and Climate Business Forum,” which was attended by His Majesty King Charles III of the United Kingdom.
The forum aims to provide opportunities for all stakeholders, including businesses, charities, and policymakers, to collaborate and contribute to global climate ambitions and sustainable development.
With the participation of over a thousand business and charity leaders from around 80 countries, along with policymakers, the forum seeks to create tangible and effective solutions to achieve critical results.
It also hosts the presidency of COP28 and the Sustainable Markets Initiative, reinforcing the commitment to addressing climate challenges at a global scale.