Energy Transition

Finance titan BlackRock 'targets up to $7bn' for next global renewables fund

World's largest asset manager will target wind, solar and storage in OECD nations, it is reported

BlackRock offices in New York City.
BlackRock offices in New York City.Foto: Getty/LightRocket via Getty Images

Global investment giant BlackRock aims to amass up to $7bn for its next renewables fund, it was reported.

BlackRock – the world’s largest asset manager – will for its fourth Global Renewable Power Fund target projects in nations across OECD countries spanning wind, solar, grids and energy storage, Reuters said.

The investor told the financial newswire that key policy moves in the US and EU had helped shift momentum behind the energy transition.

"I would say that the commitment of institutional investors to invest in the infrastructure of today and the infrastructure of the future is actually quite strong," BlackRock's global head of climate infrastructure David Giordano said.

The relative attractiveness of energy transition investments versus a resurgent fossil fuel sector has been a hot topic over the last year.

The International Energy Agency (IEA) recently predicted that investment in solar will exceed that in oil production for the first time ever this year, as security concerns mean clean technology spending is now “significantly outpacing” fossil fuels.

The IEA reckons about $2.8trn will be spent on global energy in 2023, $1.7trn of that on clean generation and infrastructure such as renewables, grids storage and EVs, with the rest going to fossil energy sources.

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Published 8 June 2023, 09:48Updated 8 June 2023, 09:48
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