NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

BlackRock Inc told Reuters it has raised a target-beating $673 million for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets.

The world’s largest money manager hopes the fund, announced on Tuesday and dubbed the Climate Finance Partnership, will show how to mobilize private capital in developing countries to tackle climate change, a sticking point at United Nations climate talks underway in Glasgow. Investors have been wary of investing in risky projects without more certainty they will get a return.

Photo courtesy of geralt.