The UAE plans to launch a $30 billion climate fund with BlackRock, Brookfield Asset Management, and TPG, people familiar with the matter told the “Financial Times.”
According to three people familiar with the conversations, Lunate Capital, a new Abu Dhabi-based asset manager with $50 billion in assets, would supervise the fund, which will invest at least $5 billion in Global South nations.
The UAE is utilizing massive resources acquired as one of the world’s largest producers of oil and gas. According to data source Global SWF, the country has assets totaling $2.5 trillion across its sovereign wealth fund, pension funds, and central bank.
Climate finance, according to COP28 president Sultan al-Jaber, will be a major focus of the meeting, which begins on Thursday in Dubai.
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