Dubai, UAE – In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh Mohamed bin Zayed Al Nahyan on Friday unveiled a $30 billion fund dedicated to global climate solutions.
The fund, designed to address the critical gap in climate financing, aims to enable affordable access to climate finance and hopes to catalyze the raising and investment of an ambitious $250 billion by 2030. This major initiative was revealed during President Sheikh Mohamed’s opening address at the summit, hosted at Expo City Dubai.
In a warm welcome to world leaders, government heads, delegations, and representatives of international organizations, Sheikh Mohamed bin Zayed emphasized the timely nature of the summit, highlighting the global urgency of addressing climate change and its pervasive impacts on life.
Underlining the UAE’s commitment to climate action, Sheikh Mohamed bin Zayed noted that the nation has already invested $100 billion in renewable and clean energy, with plans to invest an additional $130 billion over the next seven years. He paid tribute to the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, for instilling a legacy of environmental stewardship and sustainability.
Prior to the summit’s commencement, Sheikh Mohamed bin Zayed , along with UN Secretary-General António Guterres, greeted world leaders and international representatives, marking the occasion with a group photograph.
In his opening statement, President Sheikh Mohamed reaffirmed the UAE’s significant strides in renewable and clean energy and its national commitment to a 40 percent reduction in emissions by 2030, aligning with its net zero by 2050 pathway.
“The lack of financing has long been a significant barrier to global climate action,” said Sheikh Mohamed bin Zayed, stressing the new fund’s role in bridging this gap and facilitating large-scale, affordable climate solutions.
Concluding his address, Sheikh Mohamed bin Zayed reflected on the legacy of Sheikh Zayed bin Sultan Al Nahyan, whose vision and respect for nature have been instrumental in guiding the UAE’s path towards sustainable development.