Statement from President Joe Biden on the United Arab Emirates Creation of the ALTERRA Fund

I welcome President Mohamed bin Zayed’s announcement of the ALTERRA Fund—a $30 billion catalytic climate finance vehicle aimed at mobilizing the capital and investment needed to fight the global climate crisis. ALTERRA can play an important role in supporting the clean energy transition and enhancing resilience, particularly the $5 billion focused on making it easier to invest in least developed countries and small island developing states. And, it reflects the United States and UAE’s common commitment—solidified last year through our Partnership for Accelerating Clean Energy—to broaden clean energy investments and reduce emissions globally.