NBIM Invests $1.5bn in Brookfield's Energy Transition Fund
Norges Bank Investment Management (NBIM) has made its first investment in an energy transition fund, committing $1.5bn to Brookfield Asset Management's second global energy transition fund. The investment, managed by NBIM itself, will broaden its exposure to global energy transition projects and decarbonisation initiatives.
The Global Transition Fund II (BGTF II) targets $17bn in fundraising and focuses on clean energy and decarbonisation projects across North and South America, Europe, and Asia Pacific. NBIM will ensure the investment drives decarbonisation through Brookfield's impact measurement framework and transparency agreements. The fund will invest in clean energy, industrial decarbonisation, and business transformation projects.
NBIM's global head of energy and infrastructure, Harald von Heyden, noted that this investment does not signal a shift away from NBIM's preference for direct ownership. Instead, it provides exposure to a broader range of projects and technologies. Von Heyden also stated that BGTF II complements NBIM's existing portfolio strategically.
NBIM's investment in BGTF II is primarily concentrated in the Americas region. The fund aims to drive decarbonisation and support clean energy projects globally. This investment marks NBIM's first foray into an energy transition fund, demonstrating its commitment to sustainable and responsible investing.
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