UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Friday announced the establishment of a $30 billion fund for global climate solutions.
Designed to bridge the climate financing gap and facilitate affordable access, the fund aims to stimulate the raising and investment of $250 billion by 2030. This was revealed during His Highness' opening of the World Climate Action Summit, held during the UN Climate Change Conference (COP28) at Expo City Dubai.
In his opening statement, His Highness welcomed world leaders, heads of governments, their delegations, and representatives of international organisations to the UAE during their participation in the World Climate Action Summit.
His Highness stated that the meeting comes at a time when the world faces many challenges, with climate change affecting all aspects of life. He underscored that the UAE has invested $100 billion in climate action and renewable and clean energy and is committed to investing an additional $130 billion over the next seven years.
His Highness also spoke about the role of the country’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, who instilled in his people a deep-rooted commitment to conserving natural resources and sustainability.
Before the start of the summit, His Highness and His Excellency António Guterres, Secretary-General of the United Nations, received world leaders, heads of country delegations, and representatives of international organisations, wherein group photos were taken.
He said: "When we committed to hosting COP28, we pledged to bring the world together to unite, work, and deliver.
"We are finding practical pathways to accelerate the world's transition to sustainable economic growth. The lack of financing has long been one of the biggest obstacles to advancing climate action globally.
"Therefore, I am pleased to announce the establishment of a $30 billion fund for global climate solutions. This fund is specifically designed to bridge the climate finance gap, ensuring availability, accessibility and affordability at scale. Its objective is to stimulate the raising and investment of $250 billion by 2030."