Alterra fund readies new round of allocations

Bearing fruit: A file photo of the COP28 UN Climate Summit, in Dubai, last year. The Alterra fund was launched at the the conference to fund the green-energy transition. — AP

LONDON: A US$30bil fund launched by the United Arab Emirates (UAE) with the declared goal of funnelling billions of US dollars into climate finance is readying its next round of investments.

Alterra, which struck deals worth US$6.5bil with BlackRock Inc, TPG Inc and Brookfield Asset Management Ltd late last year, is now “actively planning the next phase of allocations”, chief executive officer Majid Al Suwaidi said in an interview.