The United Arab Emirates (UAE) has announced a new $30-billion climate-focused investment fund at the COP28 climate conference in Dubai. The fund, which is one of the largest of its kind, is designed to bridge the gap in global climate finance and stimulate additional investment in clean energy and other climate-friendly technologies.

Sheikh Mohammed Bin Zayed, President of the UAE, announced the fund during a speech at COP28 which would be used to support developing countries in their efforts to transition to low-carbon economies. Sheikh Mohammed said, “We are committed to playing our part in addressing the global climate crisis. This fund will help developing countries to access the resources they need to build a sustainable future.”

The UAE has just pledged $30 billion to help fight climate change, making it the biggest private investment fund in the world and aiming to raise $250 billion worldwide by 2030.

By 2030, developing economies and emerging markets will need an annual climate finance gap of $2.4 trillion. That’s why fixing climate finance has been at the core of COP28’s Action Agenda and has driven the delivery of ambitious solutions, including the mobilization of private markets at scale.

The UAE’s commitment to climate action is motivated by a number of factors, including the country’s reliance on fossil fuels and its vulnerability to the impacts of climate change. The country is already experiencing the effects of climate change, such as rising sea levels and more frequent droughts. The UAE is also hoping to position itself as a leader in the global clean energy market.