Credit Suisse has announced the closing of its Climate Innovation Fund at $318 million.

Credit Suisse says the fund is dedicated to allocating capital at the intersection of mission-driven, venture capital companies focused on disruptive technologies, solving for a significant reduction of greenhouse gas emissions. The fund will commit capital to ten venture funds in North America, Europe and Asia that are active in facilitating the reduction of carbon emissions. Their sector focus includes food and agriculture, production and consumption, and mobility and urbanization.

Fabian Shey, Head of Global Private & Alternative Markets at Credit Suisse, said: “The demand for this fund has been remarkable across the full spectrum of wealth management clients. It is a meaningful step and a substantial amount of capital being invested with purpose towards net zero.”