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Brookfield Asset Management eyes USD 5 bn first close for climate fund: Canada’s Brookfield Asset Management aims to raise USD 5 bn for the UAE-backed Catalytic Transition Fund (CTF) to boost climate finance in emerging markets as part of its first close before the end of the year, according to a statement. The Catalytic Transition Fund (CTF) is anchored by a USD 1 bn commitment from Alterra fund set up by the UAE during COP28.
What we know: Brookfield will contribute at least 10% of the capital. Alterra recently said it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.
About the fund: The USD 30 bn vehicle was launched last year to increase climate funding for the Global South. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds.
