Why A $30 Billion UAE Climate Fund Is Rejecting Data Center Deals

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0:00We've turned down a lot of deals. I've had many, many data center deals sent to me

0:04and I have said, "Well, what's the addition that we bring?" And it can't just be that it's

0:10a clean data center. It needs to be additional. There needs to be something more to the story.

0:15Abu Dhabi's Altera is one of the world's largest climate investment funds.

0:19Launched at COP28 in 2023 with a $30 commitment,

0:24it aims to use that capital to mobilize $250 billion in climate investment by 2030.

0:31Do you think that while AI is creating investable opportunities in the climate sphere,

0:37perhaps it also represents a threat to net zero targets as well?

0:42From my conversations with the large hyper-scalers, what I've seen is that they

0:47are really committed to their clean energy goals and their clean energy strategies, but they want

0:52the energy and they want it now and they want it fast because they're in a competitive environment.

0:56So, how do we make sure we provide that to them so that they can scale?

1:00Today, renewables, wind, solar are the fastest, cheapest form of energy that you can deploy.

1:06We all know that gas is going to be an important part of the energy transition,

1:10but if you want to go out and build a gas generation plant today,

1:15you're looking at a 5-year wait time, whereas you can deploy in about 18 months a solar array.