<a href="https://www.thenationalnews.com/climate/cop28/2024/03/21/cop28-president-urges-countries-to-sharpen-climate-plans/" target="_blank">The Global Climate Finance Centre (GCFC)</a>, a private-sector-focused think tank and research hub, and Alterra, a $30 billion <a href="https://www.thenationalnews.com/climate/2024/03/19/climate-chiefs-urged-to-build-on-tornado-of-good-news-from-cop28/" target="_blank">climate fund</a>, have joined forces to scale up climate investment in emerging and developing economies. <a href="https://www.thenationalnews.com/news/uae/2024/04/16/former-uk-pm-boris-johnson-praises-uae-in-summit-speech/" target="_blank">The partnership</a>, which will leverage the combined strengths of both organisations, will focus on investment opportunities, innovative finance approaches and knowledge sharing, they said in a statement on Thursday. “Financing the new climate economy will require unprecedented levels of collaboration, innovative approaches and tools to unlock capital flows at scale into transformative solutions and into developing countries,” said Majid Al Suwaidi, Cop28 director general and chief executive of Alterra. “Our new partnership with GCFC is an important step towards easing the bottlenecks that impede climate investments.” Alterra, a private investment vehicle launched during Cop28, aims to raise $250 billion globally in the next six years to create a fairer climate finance system. In collaboration with BlackRock, Brookfield and TPG as inaugural launch partners, Alterra has already committed $6.5 billion to climate-dedicated funds for worldwide investment, including in the Global South, a Cop28 statement said in December. The GCFC seeks to create an ecosystem that enables investment in low-carbon, sustainable and resilient projects. “The partnership … is a significant step forward in accelerating the flow of climate finance to developing economies, where it’s urgently needed,” said Mercedes Vela Monserrate, chief executive of the GCFC. “By combining our expertise and resources, we can unlock new investment opportunities, drive positive climate impact and contribute to a more sustainable future for all.” Renewable energy players and governments have underscored the importance of private capital in climate finance. By 2030, emerging markets and developing economies will require $2.4 trillion every year to address climate change, according to the Climate Policy Initiative. Meanwhile, Deloitte has said investment of $5 trillion to $7 trillion a year is needed until 2050 in the energy sector to drive the transition but less than $2 trillion is currently spent each year. At Cop28, countries pledged to triple renewable energy capacity and double energy efficiency by 2030. Fifty oil and gas companies, representing more than 40 per cent of global oil production, signed the Oil and Gas Decarbonisation Charter, which calls for net-zero emissions by 2050 or before.