A good six months after its announcement, the „world’s largest private investment vehicle for the climate„, the Altérra Fund of the United Arab Emirates (UAE), has announced its first major projects – and at the same time provoked criticism of its work as a climate fund. At the beginning of July, the head of the fund and COP28 Secretary General Majid Al Suwaidi announced that the next round of investments was imminent. However, research by the British climate publication Climate Home shows that the fund is indirectly involved in financing new gas projects.