In a sign that Republicans are more backward than oil-rich Arabs, the leaders of the United Arab Emirates will announce the creation of a multi-billion dollar investment fund to finance green energy projects around the world, a major shift for a nation that collects tens of billions of dollars in oil revenues each year, Politico reports.
A European government official privy to the information said the managers of Dubai’s sovereign wealth funds said the amount discussed for initially funding the projects was set at $25 billion, targeted with shifting economies of underdeveloped nations away from fossil fuels. The UAE is expected to announce the opening of the fund as it hosts the COP28 global climate talks in November.