One of the many big unanswered questions in climate finance is how to channel capital to the Global South, where it is arguably needed the most. The global impact investing market is now worth $1.57 trillion, according to the Global Impact Investing Network’s latest market sizing, though less than one-quarter of this reaches growth markets. Meanwhile, fast-growing populous nations in South Asia, Southeast Asia and Africa are set to account for an expanding proportion of global energy needs and emissions – unless the energy transition is a genuinely global endeavour. Altérra is one of – if not the – most influential investors addressing this question. The $30 billion allocation was created by the United Arab Emirates and unveiled at COP28 in late 2023. Its impact was immediate, committing $6 billion at the outset to funds managed by TPG, Brookfield Asset Management and BlackRock. Some of the capital went to those firms' existing climate-focused strategies and some went to seed new emerging markets-focused strategies. Over a year later, we caught up with His Excellency Majid Al Suwaidi, the CEO of Altérra and former senior diplomat, to find out what progress has been made, how the world has changed since COP28 and what is next for the giant climate fund.