US$2.4bn raised for emerging market clean energy projects with investments expected in 2024
Brookfield Asset Management has raised an initial US$2.4bn for its Catalytic Transition Fund, aimed at clean energy and transition assets in emerging markets, as reported by BNN Bloomberg.
The fund, targeting US$5bn, includes investors such as Singapore's GIC Pte, Prudential, Temasek Holdings, and Caisse de Dépôt et Placement du Québec, Canada’s second-largest public pension manager.
Mark Carney, chair of Brookfield Asset Management and its transition investing group, noted the significance of the support from major investors, highlighting both the commercial opportunity and the climate imperative.
Brookfield emphasized that investments in emerging markets need to increase sixfold to meet the US$1.6tn annual requirement by the early 2030s for global net zero targets.
The Catalytic Transition Fund was introduced at the COP28 climate change conference, with United Arab Emirates' Alterra contributing US$1bn. Brookfield itself has committed to providing 10 percent of the fund’s target. Initial investments are expected in 2024.
Mark Carney also recently accepted an advisory role on economic policy for Canadian Prime Minister Justin Trudeau’s Liberal Party.
Conservative Party Leader Pierre Poilievre criticized this move, alleging Carney is avoiding conflict-of-interest disclosures by advising a political party instead of the government.
