Brookfield says it has raised $12bn for its inaugural Global Transition Fund making it the world’s largest private fund dedicated to the transition to a net-zero carbon economy.

The Brookfield Global Transition Fund, co-led by Mark Carney, Brookfield Vice Chair and Head of Transition Investing, and Connor Teskey, CEO of Brookfield Renewable, is Brookfield’s inaugural impact fund focusing on investments that accelerate the global transition to a net-zero carbon economy. The fund invests in the transformation of carbon-intensive industries, as well as the development and accessibility of clean energy sources.

Investors include public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, financial institutions, and family offices.

Mark Carney, Brookfield Vice Chair and Head of Transition Investing, said: “With the global carbon budget being rapidly run down, now is the time for comprehensive, determined action. That means deploying capital across the economic spectrum from scaling clean energy generation, to transforming traditional utilities and to providing sustainable solutions for heavy industries like steel and cement. This Fund provides significant scale of capital with catalytic long-term investment the world needs to help put our planet on a sustainable net-zero pathway.”