ALTÉRRA Commits a landmark development for global climate action, the United Arab Emirates (UAE) has pledged $100 million to boost India’s clean energy growth. This major investment, delivered through the UAE’s new climate fund ALTÉRRA, marks one of the first major global partnerships post-COP28 aimed at accelerating the energy transition in developing economies. The funding will be directed to Evren, a renewable energy platform backed by Canadian investment firm Brookfield Asset Management, and is set to scale up India’s non-fossil fuel capacity significantly over the next few years.
This initiative signals the UAE’s growing role as a major player in climate financing and highlights India’s importance as a key market for green infrastructure investments. With the world racing to meet net-zero emission targets, this collaboration is poised to make a lasting impact.
ALTÉRRA: A New Climate Investment Powerhouse
ALTÉRRA was launched at the COP28 summit in Dubai, hosted by the UAE in December 2023. The climate fund, which is set to mobilize $250 billion globally by 2030, is structured to attract private capital and de-risk investments in emerging economies like India. With a total allocation of $30 billion, ALTÉRRA is split into two main components:
- ALTÉRRA Acceleration: This segment focuses on directing $25 billion of institutional capital toward large-scale, high-impact climate projects.
- ALTÉRRA Transformation: With a $5 billion allocation, this arm is designed to catalyze investments in the Global South by reducing financial risks and enhancing returns for investors.
The fund is chaired by Dr. Sultan Al Jaber, who also serves as the UAE’s Minister of Industry and Advanced Technology and was President of COP28. According to Dr. Al Jaber, the purpose of ALTÉRRA is to “shift the paradigm of climate finance” by bridging the gap between global capital and real-world, scalable solutions to the climate crisis.
Evren and Brookfield: Scaling India’s Renewable Energy Infrastructure
The $100 million from ALTÉRRA will be invested directly into Evren, a green energy platform developed by Brookfield Asset Management. Evren is set to play a transformative role in India’s power sector by adding over 6 gigawatts (GW) of new renewable energy capacity. Among these, 1,200 megawatts (MW) of solar and wind projects are expected to be operational by 2025.
Brookfield, a global leader in alternative asset management, has a significant track record in energy infrastructure. By backing Evren, Brookfield is not only expanding its renewable portfolio in India but also enabling the country to meet its clean energy targets faster and more efficiently.
India has committed to installing 500 GW of non-fossil fuel power capacity by 2030, and partnerships like this one with ALTÉRRA are crucial in achieving that ambition. Brookfield’s financial and technical expertise combined with ALTÉRRA’s catalytic capital creates a powerful engine for renewable energy deployment.
Why India Is Critical for Global Climate Action
India is currently the third-largest emitter of greenhouse gases globally, yet it also has one of the fastest-growing renewable energy markets. The country has made bold commitments under its Nationally Determined Contributions (NDCs) to combat climate change, including reducing its carbon intensity and increasing non-fossil fuel energy use.
However, meeting these targets requires trillions of dollars in funding, especially in the form of concessional and risk-tolerant capital—something that emerging economies often struggle to access. That’s where funds like ALTÉRRA come in. By de-risking projects in India, they unlock further investment from institutional players and development banks.
In this context, the UAE’s investment into India becomes more than a business deal—it represents a strategic bet on India’s leadership in the global green economy. The move is also expected to attract more international investors who were previously hesitant due to policy or financial uncertainties.
Global Cooperation at the Heart of COP28’s Vision
The ALTÉRRA initiative reflects the broader ambitions of COP28, which emphasized inclusive, action-oriented climate solutions. One of the key outcomes of the summit was a renewed global commitment to increase climate financing for the Global South, which suffers disproportionately from the effects of climate change despite contributing less to the problem.
By aligning with leading asset managers such as Brookfield, BlackRock, and TPG, the UAE is helping channel global capital into countries that need it most. These partnerships are focused not only on energy transition but also on industrial decarbonization, sustainable living infrastructure, and the development of advanced climate technologies.
Such collaborative efforts are essential if the world is to meet the targets of the Paris Agreement and avoid catastrophic climate scenarios.
India’s Road Ahead: A Renewable Energy Superpower?
India’s energy needs are immense and growing, driven by rapid urbanization, industrial expansion, and rising living standards. To meet its future energy demands sustainably, the country must rapidly scale up its renewable energy infrastructure while phasing out dependence on coal and oil.
Initiatives like the Evren-Brookfield-ALTÉRRA collaboration are exactly what India needs to accelerate that transition. Beyond just adding megawatts to the grid, this kind of partnership brings in technology, global best practices, and long-term financing.
The ripple effect could be substantial—more jobs in the green economy, cleaner air in cities, reduced carbon emissions, and enhanced energy security.
Conclusion: A Defining Moment for Climate Finance
The $100 million investment by ALTÉRRA into Evren isn’t just a headline-grabbing deal—it’s a symbol of a changing world order in climate finance. It marks a shift toward inclusive partnerships where wealthy nations and large private investors back climate action in emerging economies.
For India, it’s a vote of confidence and a springboard toward achieving its clean energy goals. For the UAE, it’s a bold step in its quest to become a global leader in climate financing. And for the world, it’s a glimpse of how international collaboration can turn climate ambition into climate action.
As the urgency of the climate crisis grows, initiatives like this will play a defining role in shaping a sustainable, inclusive global future.
