Abu Dhabi climate finance fund ALTÉRRA has clinched $250 million from BBVA, one of Europe’s largest banks, for a climate co-investment vehicle that will be registered in the UAE capital’s financial district.
The Bilbao-headquartered bank is coming on as a strategic limited partner for the proposed $1.2 billion fund to back climate-aligned infrastructure, private credit, and private equity. Businesses focused on reducing emissions and adapting to climate change are the second-fastest-growing sector of the global economy after tech and are on track to be valued at more than $7 trillion by 2030, according to Boston Consulting Group.
The UAE unveiled plans in December 2023, during COP28 in Dubai, to invest $30 billion in ALTÉRRA with the aim of mobilizing $250 billion by the end of the decade. It’s roughly 20% of the way to that 2030 target, according to its 2025 impact report.
