What Bottlenecks? A Major Asset Manager Is All-In on Renewables
“There is just so much to build, so much support and lots of profit on the table,” Brookfield Renewable Partners CEO Connor Teskey says on this week’s Zero.
Offshore wind turbines off the coast of Zhunan Township in Taiwan.
Photographer: Lam Yik Fei/Bloomberg
Among the announcements to come out of COP28 in December was a commitment from participating countries to triple the deployment of renewable power by the end of this decade. In practice, meeting that target will require a doubling of the rate of renewables investment, according to BloombergNEF, to an average of $1.18 trillion per year through 2030.
That’s where Brookfield Asset Management comes in. The Canadian company manages $850 billion in assets, about a tenth of which are in renewables and climate transition. When Brookfield’s renewables division, Brookfield Renewable Partners, launched its $15 billion Global Transition Fund in 2021, it was the largest private fund of its kind in the world. Brookfield is now raising a second fund with partners that include Alterra, a $30 billion climate finance fund backed by the United Arab Emirates. Alterra is also investing $1 billion in a separate fund focused on developing countries.