WASHINGTON, Dec 2 (KUNA) - US President Joe Biden welcomed UAE President Mohammad bin Zayed's announcement of the ALTERRA Fund-a USD 30 billion catalytic climate finance vehicle aimed at mobilizing the capital and investment needed to fight the global climate crisis.
In a press statement late Friday, the US president said, "ALTERRA can play an important role in supporting the clean energy transition and enhancing resilience, particularly the USD 5 billion focused on making it easier to invest in least developed countries and small island developing states."
It also reflects the US and UAE's common commitment solidified last year through the Partnership for Accelerating Clean Energy to broaden clean energy investments and reduce emissions globally, he added.
Yesterday, UAE's President Sheikh Mohammad Bin Zayed Al-Nahyan announced the establishment of a USD-30-billion fund for global climate solutions. (end)