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In Short – Brookfield Asset Management is targeting $5 billion for a UAE-backed climate fund. This fund aims to invest in renewable energy projects and other sustainable initiatives globally, supporting the transition to a low-carbon economy. The collaboration underscores the growing commitment to addressing climate change through substantial financial investments in green technologies and infrastructure.
In Details – Brookfield Asset Management is looking to raise $5 billion for a fund backed by the United Arab Emirates (UAE) that aims to scale up climate finance in emerging markets, the Canadian company said on Thursday.
The fund, dubbed the Catalytic Transition Fund (CTF), was announced at the COP28 climate talks in Dubai last December, but this is the first time Brookfield has confirmed its target size. Anchored by a $1 billion commitment from the $30 billion UAE-based ALTÉRRA fund, the first close of the CTF is expected by the end of 2024, Brookfield said in a statement.
