Reuters's Hadeel Al Sayegh and Simon Jessop is reporting that UAE will announce a $30 billion climate finance fund at COP28. 

The United Arab Emirates (UAE) is reportedly set to announce a new $30 billion investment fund focused on climate initiatives during the COP28 climate conference, as per Reuters' sources. This fund is expected to receive significant backing from major global investors such as BlackRock, with the UAE contributing most of the capital. Private equity firm TPG and infrastructure investor Brookfield are also said to be involved. The fund will be managed by UAE-backed investor Lunate Capital, which aims to raise additional capital for climate-related investments. BlackRock, TPG, and Brookfield are planning to reallocate resources from other funds to support this UAE fund. The announcement comes amid criticism of the UAE's plans to expand oil and gas production, highlighting its efforts to promote financial commitments towards climate-related projects during the COP28 event in Dubai. Representatives from BlackRock, Brookfield, TPG, and Lunate have not commented on this development.

Source: Reuters

(This article was written with assistance from ChatGPT)
Written by Ursa Nova

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