Dubai: PM Modi proposes to host COP33 in India in 2028

Prime Minister Narendra Modi on Friday proposed to host COP33 in India in 2028. "We must rise above self interest and transfer technology," said PM Modi in Dubai. 

At the opening of the COP28 high-level segment for heads of states, PM Narendra Modi said, "In spite of the 17% population, our global carbon emission is less than 4%."

"India is committed to UN Framework for Climate Change and that is why I propose from this stage that COP33 Summit in 2028 be hosted in India," Modi said during his speech at the COP28 summit in the UAE.

"We need to give all developing countries a fair share in global carbon budget. India is on track to achieve its Nationally Determined Contribution targets. India has presented a model of development to world striking a great balance between ecology and economy," Modi added.

Meanwhile, United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund for global climate solutions that aims to attract $250 billion of investment by the end of the decade.

Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency.

In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTÉRRA has committed $6.5 billion to climate-dedicated funds for global investments, including the Global South, the statement said.

The vehicle "aims to steer private markets towards climate investments and focus on transforming emerging markets and developing economies, where traditional investment has been lacking due to the higher perceived risks across those geographies," it added.

ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

With inputs from Reuters