An Emirati financial firm is planning to invest at least $30 billion in a new climate fund in partnership with some of the biggest names in North American finance, according to three people familiar with the plans.
The move comes as the United Arab Emirates, this year’s host of the annual United Nations climate talks that opened in Dubai on Thursday, is under pressure to prove it is committed to tackling global warming despite the fact that its economy is based on oil production.
Lunate Capital, a new financial firm overseen by the Abu Dhabi royal family, launched just months ago with at least $50 billion in assets.
On Friday, Lunate is expected to announce it will set up the new climate fund with a handful of prominent asset managers including TPG, BlackRock and Brookfield Asset Management, the three people said.
Persons:
Abu, Lunate
Organizations:
United Arab, United Nations, Lunate, TPG, Brookfield Asset Management
Locations:
American, United Arab Emirates, United, Dubai, Abu Dhabi, BlackRock