Brookfield Commits $15 Billion to Climate-Focused Fund

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Brookfield Asset Management of Canada announced that it had successfully raised $15 billion for its first impact fund, which will be focused on the transition to a net-zero carbon economy around the world.

The fundraising effort comes at a time when governments and investors from all around the world are demanding that companies reduce their greenhouse gas emissions.

After making a record $69.2 billion in net new deposits into such funds in 2021, investors contributed $7.5 billion to U.S. sustainable funds, including those focused on environmental, social, and governance (ESG) issues, in the first five months of this year.

According to the company, investments made through the Brookfield Global Transition Fund will be focused on cutting down on energy use and greenhouse gas emissions.

Brookfield said, over 100 other investors, including sovereign wealth funds, insurance firms, and public and private pension plans, committed to the fund, in which it is the largest investor.

The fund will also concentrate on other sustainable investment opportunities, such as those connected to expanding the supply of low-carbon energy.

Connor Teskey, who co-heads the fund along with Mark Carney, Brookfield’s head of transition investing and a former governor of the Bank of England, said: "Our investment partners are looking for an experienced investor who can guide their contribution to what is both a critical requirement and a major global opportunity."

Source: Reuters

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