BlackRock Raises $250 Million to Fund Climate Transition in Emerging Markets
BlackRock has raised $250 million from a consortium of ten institutional investors, governments and charities for its flagship blended finance fund, which aims to help emerging market economies reduce carbon emissions.
The Climate Finance Partnership (CFP) is focused on investing in climate infrastructure across emerging market countries in Asia, Latin America and Africa, French development fund AFD said in a statement.
The partnership is targeting at least $500 million, meaning that it secured half of its target at first close.
Significant infrastructure investment, such as in renewable power, is needed for emerging market countries to limit rising carbon emissions, with energy demand in these countries poised to double by 2050.