Today at COP28, Brookfield Asset Management (“Brookfield”) (NYSE:
BAM, TSX: BAM) and ALTÉRRA, the world’s largest private markets
climate vehicle launched at the World Climate Action Summit,
announced the creation of a multi-billion dollar Catalytic
Transition Fund (‘CTF’ or the ‘Fund’) with commitments from ALTÉRRA
Transformation. ALTÉRRA also committed to investing US$2 billion
from ALTÉRRA Acceleration into the second Brookfield Global
Transition Fund (“BGTF II”), Brookfield’s flagship fund focused on
the energy transition.
CTF will have a differentiated and focused
mandate, raising and then deploying capital exclusively for
emerging and developing markets, with a dedicated focus on
supporting the four key pillars that underpin COP28’s Action
Agenda, namely: Energy Transition, Industrial Decarbonization,
Sustainable Living and Climate Technologies.
The Fund will be managed by Brookfield and will
receive up to US$1 billion in catalytic capital from ALTÉRRA
Transformation, to enhance the risk-adjusted returns available to
commercially-oriented investors. Brookfield is concurrently
pursuing opportunities to add further catalytic capital from
strategic partners.
CTF will focus on decarbonization initiatives,
with an innovative structure that leverages ALTÉRRA's financial
commitment to attract private sector investment at scale. Through
this unique approach, the Fund will mobilize climate finance for
markets that are critical to achieving Net-Zero, but which have to
date been chronically underinvested. The Fund will focus its
catalytic investments in South and Southeast Asia, Asia-Pacific,
Central Asia, Eastern Europe, Latin America, and the Middle
East.
Other investors including CDPQ, a global
investment group based in Québec, Canada, and Temasek, a Singapore
headquartered global investment firm, have also expressed interest
in contributing commercial capital to the Fund, subject to their
customary approval requirements. The potential participation of
these institutions offers the opportunity to share expertise and
market knowledge to benefit the Fund’s investments. In line with
its typical approach of aligning interests with its investment
partners, Brookfield will commit at least 10% of CTF’s capital.
ALTÉRRA represents a vital lever in further
deepening the UAE’s longstanding commitment to climate action
globally, through partnerships and collective action.
ALTÉRRA Acceleration is also today announcing a
US$2 billion commitment to the second Brookfield Global Transition
Fund, making it the single-largest third-party investor in the fund
to date. BGTF II will follow the strategy of its predecessor fund,
BGTF I, and invest in growing clean energy, scaling sustainable
solutions and providing capital for transforming businesses in
carbon-intensive sectors.
Taken together, the commitments from ALTÉRRA to
CTF and BGTF II will support the deployment of over US$20 billion
toward decarbonization initiatives.
Speaking about the partnership, His Excellency Majid Al Suwaidi,
Director General of COP28 and Incoming Chief Executive Officer,
ALTÉRRA, said, “ALTÉRRA’s goal is to mobilize US$250 billion in
capital by 2030 and stimulate a new climate economy in emerging and
developing markets that achieve both climate and commercial
outcomes. The partnership with Brookfield is a powerful
demonstration of the UAE’s commitment to meaningful climate action
and represents our wider ambition to fundamentally strengthen
global climate finance.”
Mark Carney, Chair and Head of Transition Investing at
Brookfield Asset Management, said, “The UAE is demonstrating bold
leadership in tackling the challenge of raising transition finance
for emerging markets and developing economies. The Catalytic
Transition Fund is an innovative private sector solution to this
imperative which combines institutional capital and Brookfield’s
decades of experience in renewable power and transition investing.
The UAE’s substantial commitments to our transition investing
platform will greatly accelerate progress towards Brookfield’s Net
Zero emissions target while supporting vital clean growth
initiatives across the globe.”
Brookfield is already pursuing investment
opportunities, with immediate capital investment earmarked for the
development of over 6.0 GW of new clean energy capacity in India.
This includes the near-term construction of 1,200 MW of wind and
solar projects set to generate clean power by 2025.
Brookfield will seek to bring on board other
institutional partners in 2024.
About ALTÉRRA and Lunate
ALTÉRRA is a newly established climate focused
investment manager in the Abu Dhabi Global Market (ADGM),
established by Lunate. With a dedicated team of climate and
investment professionals, ALTÉRRA invests its LPs capital in
climate investment themes through fund investments and
direct/co-investments.
Headquartered in Abu Dhabi, Lunate, a global
independent investment manager, headquartered in Abu Dhabi. With
150 employees including 80 investment professionals, Lunate invests
through Fund investments, Direct and Co-investments across asset
classes, sectors and geographies.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX:
BAM) is a leading global alterative asset manager with over $850
billion of assets under management across renewable power and
transition, infrastructure, private equity, real estate, and
credit. We invest client capital for the long-term with a focus on
real assets and essential service businesses that form the backbone
of the global economy. We offer a range of alternative investment
products to investors around the world — including public and
private pension plans, endowments and foundations, sovereign wealth
funds, financial institutions, insurance companies and private
wealth investors. We draw on Brookfield’s heritage as an owner and
operator to invest for value and generate strong returns for our
clients, across economic cycles.
About the Brookfield Global Transition Fund
The Brookfield Global Transition Fund, co-led by
Mark Carney, Brookfield Chair and Head of Transition Investing, and
Connor Teskey, CEO of Brookfield Renewable, is Brookfield’s
record-breaking impact fund series. The strategy is focused on
investments that accelerate the global transition to a net-zero
carbon economy, while delivering strong risk-adjusted returns to
investors.
The Fund targets investment opportunities
relating to reducing greenhouse gas emissions and energy
consumption, as well as increasing low-carbon energy capacity and
supporting sustainable solutions. Consistent with its dual
objectives of earning strong risk-adjusted returns and generating a
measurable positive environmental change, the Fund reports to
investors on both its financial and environmental impact
performance.
Find out more at
www.brookfield.com/zero-compromise.
Media Contact:
BrookfieldSimon
MaineSimon.maine@brookfield.com+44 (0)7398 909 278
Notice to Readers
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of the
U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934, “safe harbor” provisions of the United States Private
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the forward-looking statements contained in this news release
include statements referring to CTF’s mandate, strategy and
funding, the participation of CDPQ and Temasek in CTF, Brookfield’s
commitment to CTF and the mandate and strategy of BGTF II.
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