The United Arab Emirates is set to unveil a new climate-focused investment fund worth $30 billion at the upcoming COP28, with support from major investors including BlackRock, three sources with knowledge of the matter told Reuters.
The majority of the fund’s capital is expected to come from the UAE, with notable contributions also from private equity company TPG and infrastructure investor Brookfield. It was shared by two sources that Lunate Capital, supported by the UAE, would administer the fund.
Another informant mentioned that BlackRock, TPG, and Brookfield plan to redirect funds from their existing portfolios to the UAE’s new fund. Discussions about this fund started post-summer and continued through October.
Requests for comments from BlackRock, Brookfield, and TPG received no response. Lunate also did not provide an immediate comment. Similarly, a representative for the COP28 Presidency was unavailable for comment.
The UAE, hosting the COP28 climate summit in Dubai which commenced on Thursday, has faced criticism for its plans to augment oil and gas production amid global efforts to curb climate-harming carbon emissions.
After the criticism, the UAE is eagerly promoting increased financial and business commitment to combat climate change, and it is anticipated that it will substantially contribute financially during the two-week event.