Brookfield Asset Management has announced an initial US$7 billion closing for the Brookfield Global Transition Fund.

The fund focuses on the global transition to a net-zero economy using renewable power and  capital to transform carbon-intensive businesses to achieve Paris-alignment. The founding investment partners are the Ontario Teachers’ Pension Plan Board and Temasek. Co-led by Mark Carney, Brookfield Vice Chair and Head of Transition Investing, and Connor Teskey, CEO of Brookfield Renewables, the fund is Brookfield’s inaugural impact fund.

Mark Carney, Brookfield Vice Chair and Head of Transition Investing, added, “Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition. As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns. Through this Fund, we are pleased to partner with best-in-class institutions to commit the capital required to scale clean energy and catalyze companies onto Paris-aligned net-zero pathways.”