Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi today announced a $30 billion fund to bridge the climate finance gap and create affordability in the fight against climate change.

At the opening of the World Climate Action Summit at COP28, Sheikh Mohammed said the fund is designed to bridge climate finance gap and aims to stimulate $250 billion of investment by 2030.

“This fund is specifically designed to bridge the climate finance gap ensuring affordability at scale,” Sheikh Mohammed said.

On Thursday, FT reported that the fund will be backed by some of the world’s biggest investors including BlackRock.