The United Arab Emirates announced Friday a $30 billion fund to invest in clean energy and other climate projects worldwide — with a particular emphasis on financing infrastructure in the Global South — as the Middle Eastern nation tries to quell doubts that it is committed to moving the planet away from fossil fuels.
The plan was unveiled on the second day of COP28, hosted by the UAE in Dubai. The petrostate is trying to burnish its credentials as a leader in the clean energy transition, even as it continues the oil investments that have brought Emiratis tremendous wealth. The money to fund the projects will come largely from oil revenue.
Source: Washington Post
