Apollo Global Management Inc, a manager of alternative assets, launched a sustainable investing platform on Thursday, targeting the deployment of $50 billion in decarbonization and energy transition opportunities over the next five years.

The New York-based firm has deployed more than $19 billion into energy transition and sustainability-related investments in the last five years, including in renewable energy, electric vehicles and decarbonization. It told Reuters on Thursday that it sees scope to deploy more than $100 billion by 2030.

The International Energy Agency said last year that annual clean energy investment globally will need to more than triple by 2030 to around $4 trillion to achieve net zero carbon emissions by 2050.

Read more: Reuters