UK to announce clean energy funding and AI developments at G7

On the second day of the G7 Leaders Summit in Italy, the UK’s Prime Minister, Rishi Sunak, will emphasize the importance of supporting countries in delivering their clean energy transitions and in harnessing the opportunities presented by AI.?

During a global outreach session focused on Artificial Intelligence and Energy, and Africa and the Mediterranean, he will argue that this means reforming the international financial system to unlock the finance that is needed to accelerate progress against the Sustainable Development Goals .?

A press release by the UK government revealed that Sunak would announce multi-year ODA (official development assistance) funding that could surpass ￡100 million.??

This funding would encompass several high-impact projects in Africa and a ￡20 million expansion of the AI for Development program into Asia, augmenting the ￡38 million the UK is already investing in Africa.?Read more

Brookfield Asset Management & ALTéRRA launch fund to drive clean energy investments in emerging markets

Mark Carney, Chair and Head of Transition Investing at Brookfield Asset Management said, “The Catalytic Transition Fund is a private market solution to the global challenge of delivering transition investment to emerging markets. Brookfield is already a leading transition investor in these regions and has first-hand knowledge of the incredible opportunity and impact that is available in these chronically underfunded markets.”

He added, “Having this dedicated capital for emerging markets will complement our existing Brookfield Global Transition Fund strategy and further accelerate the growth of clean energy and transition investments in the future.”

Key Points

Brookfield Asset Management and ALTéRRA Management Limited have jointly launched the Catalytic Transition Fund (CTF) to drive clean energy investments in emerging markets, according to a press release by Brookfield.

The fund, managed by Brookfield, aims to channel resources into clean energy and transition assets in emerging economies. Its first close is anticipated by the end of 2024.

ALTéRRA has committed $1 billion to the CTF to support the transition, with the goal of accumulating $5 billion in total capital for deployment into emerging markets. Read more

Philippines suspends new green energy applications to revamp regulations

The Philippines plans to temporarily halt the processing of new applications for renewable energy projects as it overhauls regulations. This follows a surge in contracts due to the government’s push for green power.?

Energy Undersecretary Sharon Garin said in a briefing that the country currently has 1,300 renewable energy service contracts, equivalent to 62 GW of potential capacity.?

Garin added, “That’s more than enough to cover our future needs and reach the government’s 35% and 50% targets. The Philippines is awash with renewable energy investments.”?

The Philippines aims to reach the 35% target by 2030 and the 50% target by 2040. In 2022, renewable energy made up 22% of the nation’s energy mix.?Read more

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