UAE to Start $30 Billion Climate Fund With BlackRock, Brookfield

(Bloomberg) -- The United Arab Emirates is planning to start a $30 billion climate fund with BlackRock Inc., Brookfield Asset Management and TPG Inc., according to people with knowledge of the matter.

The fund will be managed by Lunate Capital, a $50 billion firm that’s the latest player in Abu Dhabi’s effort to use energy riches to become a force in the global investing landscape, said the people, who asked not to be identified because the plans haven’t been announced publicly.

BlackRock, TPG and Brookfield declined to comment. The plans were reported earlier by the Financial Times.

The fund is slated to be unveiled during the COP28 conference, which began this week in Dubai under the leadership of Sultan Al Jaber, the chief executive officer of Abu Dhabi National Oil Co.

While the selection of the UAE to lead the climate talks was met with criticism from some environmental advocates, it said in July that it would cut emissions further than previously planned and invest more money in renewables.

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