Akin is participating at COP28 and providing regular updates from the conference.
Friday, December 1, 2023 Updates:
- On Thursday, a group of nations led by the UAE and several European countries agreed to establish a loss and damage startup fund to help developing countries keep up with the rising costs of extreme weather and climate disasters. At present, the initial funding is nearly $429 million, with the UAE and Germany making the largest pledges at $100 million each.
- Today the UAE announced a $30 billion commitment to ALTÉRRA, a catalytic climate vehicle that is focused on global climate solutions. $25 billion will be allocated to climate strategies and $5 billion will be used to incentivize investment into the Global South. Collaborators include BlackRock, Brookfield, TPG and Lunate.
