BlackRock has announced it has raised a target-beating $673m for an infrastructure fund to invest in climate-focused projects like renewable energy in emerging markets.
The fund also has backing from the French, German and Japanese governments.
The investment manager told Reuters it hoped the Climate Finance Partnership would show how to mobilize private capital in developing countries to tackle climate change.
The fund’s 22 backers included the French energy company TotalEnergies and institutional investors including AXA and Dai-ichi Life Insurance.
BlackRock chairman and chief executive Larry Fink said: “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.”