Brookfield Asset Management, a Canadian asset management firm, announced that the initial close of its Brookfield Global Transition Fund raised $7 billion. The money raised will be used to invest in carbon-incentive businesses and renewable energy businesses, with a focus on the global transition to a net-zero economy. The Ontario Teachers' Pension Plan Board and Temasek, a Singapore-based investment company, committed significant capital to the fund as part of the closing. The founding investment partners are also committed to making the world a net-zero economy by 2050 or sooner. The fund has also received commitments from the Investment Management Corporation of Ontario and PSP Investments, according to the company's press release. The fund would also be used to target large-scale decarbonization-driven investment opportunities, according to the company. By the end of 2021, the company hopes to raise $12.5 billion and close the traditional first and second closes with additional capital from Brookfield's diverse group. Brookfield Vice-Chair and Head of Transition Investing Mark Carney told the media that the company is committed to reaching net-zero by 2050 or sooner, and to speeding up the global net-zero transition Private capital, according to Bruce Flatt, Chief Executive Officer of Brookfield Asset Management, will be critical in combating climate change. They are looking forward to working with these and other Fund investors to make a positive impact on society while also generating attractive returns. Brookfield Asset Management purchased a 100 % stake in the Emami Group's solar power business in January 2020. ReneSola, a fully integrated solar project developer and operator, had previously announced that it had signed an exclusivity agreement for the sale of its distributed generation operation solar assets in China with a Brookfield Asset Management affiliate. Image Source Also read: Indi Energy receives seed fund from Mumbai Angels Also read: ION Energy raises $3.6 million from Amazon's Climate Pledge Fund