During his participation in COP29, Dr. Mahmoud Mohieldin, the United Nations Special Envoy for Financing the 2030 Agenda, spoke about the Alterra Climate Finance Fund that the United Arab Emirates announced at COP28.

An outstanding idea

In an interview with "Al-Ain News," Mohieldin asserted that the Alterra Fund stands out for several reasons. The first is the fund's massive size, with a value of $30 billion, in addition to $5 billion for areas of stimulation, support, and project acceleration.

The UN Special Envoy for Financing the 2030 Agenda confirmed that the funds originate from an entity that already possesses the authority to direct them upon request.

He clarified that the third aspect pertains to the Alterra Fund's focus on developing countries and emerging markets, which is why it provides both financial and technological support.

Mohieldin confirmed that technology has now become more advanced and less costly, especially in the fields of solar and wind energy, carbon removal, and areas where we want to have a greater presence, such as climate change adaptation.

He further emphasized that the Alterra Fund must build on its successful start by announcing a number of projects in various countries.

35 billion dollars

The UN Special Envoy for Financing the 2030 Agenda affirmed that "we should not settle for the Alterra fund's announced value of about $35 billion but rather double it by 2030."

Regarding the efforts made by the UAE concerning the climate file, Mohieldin said that the UAE's interest in climate issues came decades before COP28 until the opportunity arose during the hosting of the summit last year to recall important statements and actions made by the UAE.