Stakeholders in Alterra, the UAE's $30 billion climate fund, are actively investing and attracting additional investors to support renewable energy projects totalling more than 40 gigawatts, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and the fund’s chairman.
Dr Al Jaber, who was also Cop28 President, was speaking at a high-level discussion during New York Climate Week, one of the biggest annual climate events in the world, which is running until September 29.
Global leaders from businesses, politics, local government and civil society have gathered to discuss and advance climate action. The event coincides with the 79th UN General Assembly, also taking place in New York City.
Dr Al Jaber emphasised that Alterra, launched at the Cop28 climate conference in Dubai last year, was created to meet the urgency of the moment by seizing the opportunity of green industrialisation and climate action.
“Since our launch ... we have placed $6.5 billion with our partners BlackRock, TPG and Brookfield, with a significant portion helping to create emerging market funds focused on climate-transition investments,” he said.
“Each partner is putting skin in the game and attracting more investors to fund real projects with a combined portfolio of over 40 gigawatts of clean energy across five continents.”
On Monday, Texas-based TPG announced it had secured $1.3 billion in initial commitments for its Global South Initiative (GSI), aimed at attracting large-scale institutional capital by offering better returns to boost private equity investment in "high-growth climate opportunities" across the Global South.
TPG and Alterra launched GSI at Cop28, targeting $2.5 billion in total capital commitments.
Meanwhile, the New York Stock Exchange-listed Brookfield Asset Management has raised $2.4 billion for a climate-finance-focused fund to invest in clean energy projects in emerging markets, reaching about half of the fund's $5 billion total capital target.
The Catalytic Transition Fund was launched with up to $1 billion of capital provided by Alterra.
The International Monetary Fund and the World Bank have identified public-private risk-sharing as key to fostering private climate investment in emerging markets. Institutional investors control assets worth more than $200 trillion, only 0.3 per cent of which is going towards climate financing.
Monday’s discussion centred on unlocking investment opportunities, overcoming barriers in emerging markets and strengthening public-private collaboration to meet global climate goals.
“By forming strategic partnerships and leveraging innovative financing mechanisms, we are mobilising critical investments that will not only accelerate the global transition to clean energy but also ensure that no region is left behind,” said Majid Al Suwaidi, chief executive of Alterra.
By 2030, emerging markets and developing economies will require $2.4 trillion a year to address climate change, according to the Climate Policy Initiative.
Meanwhile, Deloitte estimates that investment of $5 trillion to $7 trillion a year is needed until 2050 in the energy sector to drive the transition. Less than $2 trillion is currently spent annually.
“We are already exploring numerous opportunities and the fund’s first investments will begin later this year, bridging the financing gap that exists in emerging markets and building institutional capacity to bring down future investment costs,” said Mark Carney, chairman and head of transition investing at Brookfield Asset Management.
Alterra is making progress through innovative financial strategies and partnerships, Jim Coulter, executive chairman of TPG said. “The new strategy is generating strong engagement from clients across Asia, Europe, and North America and unlocking a broader set of investment opportunities across the Global South,” he added.
At Cop28, countries pledged to triple renewable energy capacity and double energy efficiency by 2030.
Fifty oil and gas companies, representing more than 40 per cent of global oil production, signed the Oil and Gas Decarbonisation Charter, which calls for net-zero emissions by 2050 or before.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
The years Ramadan fell in May
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Killing of Qassem Suleimani
The Matrix Resurrections
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Rating:****
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
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KILLING OF QASSEM SULEIMANI
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Zayed Sustainability Prize
