United States based management investment company BlackRock Inc. (BLK) announced having raised $673 million meant for a climate focused infrastructure fund. The company says this amount is higher than what it was targeting to raise.
This project will be seeking to invest in climate focused initiatives such as green energy and renewable energy in emerging markets. The funding was backed by German, Japanese and French governments respectively.
The fund is dubbed the Climate Finance Partnership, BlackRock is expected to demonstrate how to mobilize private funds in developing countries to address climate change which has been a major priority at United Nations climate talks which are being held in Glasgow.
Blackrock’s chairman and chief executive, Larry Fink says together with other investors they have been pumping in more support in emerging markets focused initiatives at the COP26 United Nations Climate Change Conference in Glasgow.
“This partnership is proof that governments, philanthropic organizations, and institutional investors can come together to mobilize capital at scale into emerging markets, which are most exposed to the impact of climate change,” added the CEO.