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UAE President Sheikh Mohamed bin Zayed Al Nahyan at COP28.

PHOTO BY COP28


UAE announces $30 billion Global Climate Fund

UAE President Sheikh Mohamed bin Zayed Al Nahyan announced on Friday (December 1) the establishment of a $30 billion fund for global solutions to climate change.

Sheikh Mohamed bin Zayed revealed the Global Climate Fund at the opening of the World Climate Action Summit during the UN Climate Change Conference (COP28) at Expo City Dubai.

“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,” Sheikh Mohamed bin Zayed said.

He said that the UAE has invested in $100 billion in renewable energy and climate solutions, and is committed to investing an additional $130 billion over the next seven years.

“We have set a national pathway to net zero by 2050. The UAE is committed to a 40 percent reduction in emissions by 2030,” Sheikh Mohamed bin Zayed said. ICA/Expat Media


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