Brookfield & ALT?RRA unveil $5 billion catalytic fund for markets

14 Jun 2024 CW Team

Brookfield Asset Management and ALT?RRA Management Limited have announced the launch of the Catalytic Transition Fund (CTF), a ground-breaking initiative aimed at directing up to $5 billion toward clean energy investments in emerging markets. The fund, supported initially by a $1 billion commitment from ALT?RRA, is expected to achieve its first round of financing by the close of 2024.

Focused on clean energy and transition assets in developing regions, where current global clean energy investments are below 15%, CTF addresses a critical gap identified in the Paris Agreement. Mark Carney, Chair and Head of Transition Investing at Brookfield, highlighted the fund's strategic importance, describing it as a private sector solution to the challenge of enhancing transition investments in emerging markets.

Nawal Saini, Managing Director, Renewable Power & Transition at Brookfield, stated, "Emerging markets require $1.6 trillion annually to meet their decarbonization targets aligned with the Paris Agreement."

H.E. Majid Al-Suwaidi, CEO, ALT?RRA, reiterated their commitment to accelerating climate action, mentioning, "We must significantly scale up our efforts to achieve collective climate objectives. Our investments in the Catalytic Transition Fund highlight our commitment to exceeding conventional business practices."

The fund's investment strategy encompasses South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. Brookfield alone intends to contribute at least 10% of the fund's total capital. This extensive geographic focus includes substantial investments in countries like India, recognised for their robust policy frameworks supporting clean energy transitions. (Source: ET)

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