BlackRock raises $250m for climate funds in emerging markets
BlackRock raised over $250m (£181m) for its climate finance fund to invest in a selection of countries in Asia, Latin America, and Africa, the company announced today.
Through its Climate Finance Partnership, the world’s biggest asset manager will focus on investing in renewable power generation, energy storage solutions and electrified transportation services. Blackrock said it aims to raise at least $500m (£363m).
The governments of France, Germany, Japan, and other philanthropies and institutional investors are some of the ten investors that make up the partnership.
Blackrock said that “significant capital” was needed for climate infrastructure in these regions to help reduce carbon emissions, according to Reuters.
James and Kathryn Murdoch’s Quadrivium Foundation as well as Jeremy and Hannelore Grantham’s Grantham Environmental Trust are also part of the partnership.
“This ambitious partnership… will help redirect financial flows toward sustainable development investments across the emerging world, with a priority to Africa,” Remy Rioux, chief executive officer of the French Development Agency said.