The U.S.-U.A.E. Business Council hosted a conversation with His Excellency Ambassador Majid Al Suwaidi, Director General of COP28 and CEO of ALTÉRRA, on Wednesday, October 23, 2024, at Cafe Milano in Washington, D.C. This conversation coincided with the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group.
Ambassador Al Suwaidi reflected on the achievements of COP28 in breaking down barriers and bringing everyone together to chart a path forward to deliver solutions to climate challenges. He stated the U.A.E.’s approach to COP28 was to address challenges in tangible ways through partnerships across governments, civil society, and the private sector. He noted the U.A.E. Consensus’s highlight of the need to reduce dependence on fossil fuels was one of the significant accomplishments that came out of COP28 through the collaboration and support of friends and partners.
COP29 is being built upon successes of COP28 to enhance global cooperation and commitment, particularly in the area of climate finance. Ambassador Al Suwaidi identified the need for private sector initiative and funding in conjunction with public sector support to ensure investments are sustainable and achieve their goals, especially in the global south. The Troika, consisting of the U.A.E., Azerbaijan, and Brazil, plays a collaborative role in enhancing international climate action and fostering dialogue among nations. Ambassador Al Suwaidi detailed how this partnership will bring continuity between each COP and stressed the importance of viewing COP as a process and not an all-or-nothing one time event. He said that keeping the momentum of this process going over time is what is paramount. He expressed optimism in continued climate progress given the commercial imperative and viability behind many climate solutions.
Ambassador Al Suwaidi also briefed attendees on the strategy and mission of Abu Dhabi-based ALTÉRRA, a $30 billion catalytic climate investment fund for mobilizing investment at scale towards climate solutions to finance a new climate economy that delivers shared prosperity for all. The creation of ALTÉRRA was inspired by the need to mobilize capital to scale climate finance and marshal private sector engagement to close the current investment gap. He emphasized the duality of ALTÉRRA’s mission to reduce carbon emissions and generate commercial returns.
Ambassador Al Suwaidi expressed pride in the progress of ALTÉRRA in its first ten months. He outlined ALTÉRRA’s partnerships with three of the world’s largest financial institutions including Brookfield, BlackRock, and TPG. Moreover, he underscored the strength of the project pipeline within ALTÉRRA’s focus areas of clean energy (including nuclear), industrial decarbonization, sustainable living, and climate technologies.
Finally, progress of the U.S.-U.A.E. Partnership for Accelerating Clean Energy (PACE) agreement was highlighted as was the important role that the U.A.E.’s private sector partners continue to play in delivering solutions and ideas. Ambassador Al Suwaidi also noted that the new investments by Masdar and ADNOC in the U.S. are a testament to the great bilateral relationship between the U.S. and U.A.E. government, which continues to prosper and grow.
For questions about this event, please contact Caitlin Cottrell at ccottrell@usuaebusiness.org.