US asset manager BlackRock will partner with ALTÉRRA, a United Arab Emirates-backed (UAE) investment vehicle, to develop a new blended-finance emerging-markets (EM) strategy focused on climate infrastructure opportunities. The initiative will also involve other investors in BlackRock’s Climate Finance Partnership (CFP), the firm’s flagship public-private blended finance vehicle investing in climate infrastructure across EMs. BlackRock will also consult with the Global Energy Alliance for People and Planet, the Shell Foundation, and the Group of Seven Partnership for Global Infrastructure and Investment on the strategy. Launched at COP28 with a US$30 billion commitment from the UAE, ALTÉRRA has already committed US$350 million to BlackRock’s EM climate infrastructure platform, with US$100 million co-invested alongside CFP and US$250 million committed as anchor catalytic capital to the forthcoming strategy. According to BlackRock, the CFP has invested a majority of its capital into a diversified portfolio of wind, utility solar, and distributed solar assets across Africa, Latin America and Southeast Asia. “The CFP platform has proven to be an important public-private partnership that is driving climate impact and economic development in these regions,” said Andrea Hauser, Member of the Management Committee, KfW, a German state-owned investment and development bank, and CFP partner organisation. “I am encouraged to see steps being taken to scale CFP’s climate impact and mobilize significantly more institutional capital into EMs.”
