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ALTÉRRA investment vehicle aims to mobilize US$250 billion by 2030 and be fund of choice for climate transition, CEO tells World Governments Summit
- ALTÉRRA was launched at COP28 with a US$30 billion commitment from the UAE, making it the world’s largest private investment vehicle for climate change action.
- “The vehicle will play a critical role in driving climate investments to where it is most needed to unlock impact at scale to finance the climate economy,” HE Ambassador Majid Al Suwaidi, COP28 Director-General and ALTÉRRA CEO said in a panel session.
- “The vision for ALTÉRRA was borne out of the COP28 Presidency’s Action Agenda focus on making climate finance more available, accessible and affordable to accelerate the global transition,” Ambassador Al Suwaidi said.
- “ALTÉRRA’s structure, scale and scope set it apart from other investment vehicles and will help it become the go-to fund for the climate transition,” he added.
- ALTÉRRA features an innovative two-part structure, with the first arm, the US$25 billion ALTÉRRA ACCELERATION, designed to steer capital towards investments at scale to accelerate the transition to a net-zero and climate-resilient economy.
- The second arm, the US$5 billion ALTÉRRA TRANSFORMATION, is designed to provide risk mitigation capital to incentivize investment flows into the Global South.
- ALTÉRRA has a dedicated investment focus on four pillars that underpin the priorities of the COP28 Action Agenda: the energy transition, industrial decarbonization, sustainable living and climate technologies.
DUBAI, UAE, Feb. 14, 2024 /PRNewswire/ — “ALTÉRRA, the US$30 billion climate investment fund launched at COP28, aims to become the “fund of choice” for the climate transition, with its structure, scale and scope and focus on innovation and partnerships enabling it to steer private markets towards climate investments and focus on transforming emerging markets and developing economies,” its chief executive officer said yesterday in a special session at the World Governments Summit.
“The UAE has committed US$30 billion to ALTÉRRA, making it the world’s largest private investment vehicle for climate change action, and the fund aims to mobilize US$250 billion globally by 2030,” HE Ambassador Majid Al Suwaidi, COP28 Director-General and ALTÉRRA CEO, said in a panel session.
The panel session included Dr. Mahmoud Mohieldin, Executive Director at the International Monetary Fund; Rajiv Dhar, Board Member of the National Infrastructure Investment Fund and Head of US India Green Fund; Arvind Ramamurthy, Chief Market Development Officer at Abu Dhabi Global Market (ADGM); Samir Suleymanov, Director of Finance at COP28 and was moderated by Mercedes Monserrate, CEO of the Global Climate Finance Center (GCFC).
Ambassador Al Suwaidi said, “The vision for ALTÉRRA was borne out of the COP28 Presidency’s Action Agenda focus on how we can make climate finance more available, accessible and affordable for all, and remove barriers impeding investment – especially into the Global South. ALTÉRRA is a key element in the COP28 Presidential Action Plan to help drive climate investment to the solutions and markets where it is most needed.”
“ALTÉRRA has been designed to be as innovative as possible to maximize its impact and unlock capital flows to tackle challenges head-on,” Ambassador Al Suwaidi said.
Arvind Ramamurthy, Chief of Market Development at ADGM, said, “In its commitment to catalyze climate finance amidst global transitions and bolster the UAE’s net-zero targets, ADGM is proud to be a home for ALTÉRRA, a groundbreaking initiative with its climate transition funds, and the GCFC, a private-sector-focused think tank and research hub.
“As we navigate challenges to making climate finance universally accessible, ensuring its availability, accessibility, and affordability—the value proposition of ADGM and its sustainable finance framework will be instrumental in strengthening a climate-resilient economy. Collaboratively, they pave the path toward establishing the UAE as the leading hub for comprehensive climate finance initiatives.”
Rajiv Dhar, Board Member, National Infrastructure Investment Fund & Head of US India Green Fund, said, “There is a need for blended finance for meeting the climate goals of Global South. ALTÉRRA is a pathbreaking initiative of UAE and has been developing strategies for making a significant impact in Emerging and Developing Economies.”
ALTÉRRA features an innovative two-part structure, designed to both bridge the gap in investment into the solutions needed to keep the world on the 1.5C pathway, drive investment into the Global South, and create new investment opportunities and strategies for emerging markets and developing economies (EMDEs).
The first arm, ALTÉRRA ACCELERATION, with US$25 billion, is designed to steer capital towards investments at scale to accelerate the transition to a net-zero and climate-resilient economy. The second arm, the US$5 billion ALTÉRRA TRANSFORMATION, is designed to provide risk mitigation capital to further incentivize investment flows into the Global South.
“Transforming the global economy towards a net-zero and climate-resilient pathway will require a transformation of the climate finance landscape and ALTÉRRA will play a key role in that transformation,” Ambassador Al Suwaidi said. “ALTÉRRA’s mission is to mobilize investment at scale, stimulating innovation and underpinning the UAE’s efforts to create a global green finance ecosystem that can bridge investors and markets and ensures that money flows to where it is most needed, in alignment with the objectives of The UAE Consensus.”
“Alongside ALTÉRRA structure and scale, ALTÉRRA’s efforts to spur new ideas, incentivize policy and regulatory frameworks, and identify solutions to rapidly deploy capital across the entire value chain of the new climate economy will create a multiplier effect in climate-focused investment, helping it to achieve the target of mobilizing US$250 billion in the next seven years. Innovative partnerships will be key to the success of ALTÉRRA,” Ambassador Al Suwaidi said.
“Transforming the global economy towards a net-zero and climate-resilient pathway will require a transformation of the climate finance landscape and ALTÉRRA will play a key role in that transformation,” Ambassador Al Suwaidi said. “ALTÉRRA’s mission is to mobilize investment at scale, stimulating innovation and underpinning the UAE’s efforts to create a global green finance ecosystem that can bridge investors and markets and ensures that money flows to where it is most needed, in alignment with the objectives of The UAE Consensus.”
“ALTÉRRA is making good progress on the commitments made at COP28, where in collaboration with BlackRock, Brookfield and TPG as inaugural launch partners, it committed US$6.5 billion to climate-dedicated funds for global investments, including the Global South,” the ambassador said.
ALTÉRRA is focused on the success of the Emerging Market transition funds launched with Brookfield and TPG that are purpose-built to attract institutional capital into markets that have to date been chronically underinvested.
ALTÉRRA has a dedicated investment focus on four pillars that underpin the priorities of the COP28 Action Agenda: the energy transition, industrial decarbonization, sustainable living and climate technologies.
In total, COP28 mobilized more than US$85 billion in direct climate finance pledges, with 11 pledges and declarations made under the Action Agenda.
ALTÉRRA adds to the UAE’s accomplished track record of managing large investment platforms and successfully developing and operating renewable energy projects around the world, leading change as a trusted facilitator at the global crossroads between North, South, East and West. ALTÉRRA is a key component of the UAE’s commitment and contribution to climate finance and among the range of finance-led initiatives launched during COP28 to address the climate finance challenge holistically.
Notes to Editors COP28 UAE:
- At the historic COP28, countries came together to deliver The UAE Consensus – the most ambitious and comprehensive set of negotiated outcomes to come out of the UNFCCC process since COP21.
- The UAE Consensus includes an unprecedented reference to transitioning away from all fossil fuels in energy systems, in a just, orderly and equitable manner in this critical decade to enable the world to reach net zero emissions by 2050, in keeping with the science.
- An important opportunity lies in working multilaterally on commitments to deliver high-ambition decisions at COP28, including through The UAE Consensus. This can lead to real economy action for 2030 and help with setting of interim targets that strengthen the NDCs in 2025 in the lead-up to COP30.
- The UAE Consensus and the COP28 Action Agenda were launched in response to the Global Stocktake (GST) – a report card on the commitments made at COP21 in Paris. The GST was released just before COP28 and highlighted that the world was significantly off track in meeting the obligations made in Paris. The UAE Consensus and the Action Agenda are decisions in response to these findings and help keep 1.5°C within reach.
TORTOLA, British Virgin Islands, Nov. 28, 2024 /PRNewswire/ — Fans across the GCC will see the iFOREX brand displayed prominently during thrilling La Liga matches. As viewers cheer on Real Madrid, FC Barcelona, and their other favorite teams, iFOREX is proud to connect with football fans throughout the region by showcasing its brand and commitment to empowering traders. This increased visibility underscores iFOREX’s dedication to supporting traders in the GCC and inviting them to explore new opportunities in online trading.
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About iFOREX
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Fintech PR
Transform Without the Cost: NTT DATA Business Solutions Brings ‘ZERO Cost Move’ to UKISUG Connect 2024
LONDON, Nov. 28, 2024 /PRNewswire/ — NTT DATA Business Solutions is set to bring its game changing ‘ZERO Cost Move’ to the UKISUG Connect 2024 Conference in Birmingham from 01 – 03 December 2024. This independent offering from NTT DATA Business Solutions is designed to eliminate the financial barriers associated with transitioning to the RISE with SAP solution, offering a fully funded technical migration so that organisations can focus their investment on transformative projects that deliver real business value.
In a competitive landscape where innovation is crucial, the ZERO Cost Move redefines SAP software migration as a strategic advantage rather than a financial burden. By covering all technical migration costs, NTT DATA enables businesses to allocate budgets toward initiatives that enhance operational efficiency and overall growth.
“We’re helping our customers unlock new potential by removing the SAP software migration costs that have historically held them back,” says Jon Gregory, Director – Business Development & Advisory Services, NTT DATA Business Solutions. “The ZERO Cost Move is a commitment to our clients’ success, allowing them to deploy RISE with SAP confidently while refocusing their budgets from the technical move to their priority initiatives that really unlock business value.”
Key Benefits of the ZERO Cost Move:
- No-Cost Technical Migration: NTT DATA manages the complete migration from SAP ERP Central Component or SAP S/4HANA on-premise to RISE with SAP, freeing up resources for innovation and growth.
- Proven SAP Expertise: With extensive global experience in projects involving SAP S/4HANA, our team ensures a seamless, efficient transition, reducing risks and accelerating time to value.
- Fast, Risk-Free Transition: Our Technical Conversion Centre of Excellence for SAP S/4HANA streamlines the migration process, providing a rapid, low-risk pathway to RISE with SAP.
- Focus on Strategic Business Value: Businesses invest saved migration costs into initiatives that align with their highest priorities – from Artificial Intelligence and GenAI, to automation, organisational change management, testing, analytics and more.
“We are excited to redefine what a migration can mean for businesses,” states Christopher Gabriel, Chief Marketing Officer and VP of Innovation, NTT DATA Business Solutions. “With a ZERO Cost Move to RISE with SAP, we remove consulting fees for your technical migration, breaking down barriers to transformation and enabling valuable resources to be redirected toward game-changing digital innovation.”
Meet with Us at UKISUG Connect 2024
As a Gold sponsor, NTT DATA Business Solutions will be at Stand G12 throughout the conference to discuss the benefits of the ZERO Cost Move offer. Delegates are also invited to attend our presentation, “RISE to Innovation with NTT DATA Business Solutions,” delivered by Jon Gregory on Monday 2nd December, from 2:30 PM to 3:00 PM in the Cloud ERP Stream (Exec 1). The session will explore how the ZERO Cost Move can help businesses achieve a seamless transition to RISE with SAP and unlock new opportunities for digital innovation.
About NTT DATA Business Solutions
NTT DATA Business Solutions is a leading global IT service provider focused on SAP with a powerful ecosystem of partners. With more than 35 years of in-depth experience, we enable companies worldwide to become Intelligent Enterprises. We deliver end-to-end solutions that accelerate sustainable growth and success – from strategic consulting and implementation to managed services and beyond. As a global strategic SAP partner, we drive innovation and leverage the latest technologies to support our customers individually and across all industries. Our more than 15,300 dedicated employees in over 30 countries work passionately every day to make it happen.
NTT DATA Business Solutions is part of NTT DATA, a $30+ billion trusted global innovator of business and technology services headquartered in Tokyo. As One NTT DATA we serve 75% of the Fortune Global 100 and are committed to helping customers innovate, optimize and transform for long-term success. NTT DATA is part of NTT Group.
Press Contact NTT DATA Business Solutions
Local: Carl Adams
Marketing Director UK&I
NTT DATA Business Solutions UK&I
12 Gough Sq, London, EC4A 3DW
T: +44 (0) 0207 832 1800
E-mail: [email protected]
Global: Jasmin Straeter
Head of Global Communications
NTT DATA Business Solutions AG
Königsbreede 1, 33605 Bielefeld, Germany
T: +49 521 9 14 48 108
Email: [email protected]
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VILNIUS, Lithuania, Nov. 28, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is pleased to announce its partnership with SafePal, a next-generation non-custodial crypto wallet suite. SafePal, known for its unique hybrid approach to empowering DeFi and CeFi over a hundred blockchains, joins forces with BingX to enhance liquidity, elevate user experience, and expand access to innovative blockchain services for traders worldwide. This collaboration also marks a significant advancement in the BingX Global Broker Program, reinforcing its commitment to building a more interconnected and efficient trading ecosystem.
Vivien Lin, Chief Product Officer of BingX, expressed enthusiasm for this development: “SafePal will serve as an independent broker under the BingX Exchange Broker Program, indicating our rapid adoption and growth. Our partnership with SafePal is a pivotal step in reshaping how users access liquidity and seamless trading experiences. By integrating BingX’s advanced liquidity solutions with SafePal’s wallet ecosystem, we’re setting a new standard for broker integration and empowering users with unparalleled tools for trading success.”
This integration brings enhanced open API functionalities for spot, contract, and strategic trading, along with upgraded financial products. By merging BingX’s liquidity expertise with SafePal’s decentralized platform, the partnership delivers an elevated trading experience for users. It reflects BingX’s commitment to fostering broker collaborations while expanding its ecosystem. Additionally, the move underscores BingX’s forward-looking strategy to strengthen partnerships and broaden its impact within the broker ecosystem.
The BingX Global Broker Program has played a key role in building global partnerships and enhancing accessibility to cryptocurrency trading. By consistently delivering exceptional value to its users and broker partners, BingX has solidified its reputation as an industry leader. With the program’s latest upgrades and strategic collaborations like the partnership with SafePal, BingX is shaping a more interconnected, efficient, and user-focused cryptocurrency trading ecosystem. As part of its vision, BingX welcomes more broker platforms to join its efforts in driving innovation and advancing the future of decentralized finance.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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