Apollo Global Management is increasing the firepower behind its decarbonization efforts to the tune of $100bn.
Apollo, which manages nearly $500bn in assets, unveiled plans for its sustainability platform last week with the expectation that it will shape investments across the entire firm, including credit and real estate deals.
TPG announced a $5.4 billion first close of its Rise Climate Fund—chaired by Hank Paulson, formerly a Treasury secretary and CEO of Goldman Sachs—this past July. The firm aims to amass at least $7 billion for the vehicle.
Apollo has already put $19 billion to work on its decarbonization strategies over the last five years. It plans to increase that total by $50 billion over the next five years before deploying over $100 billion by 2030.
Read more: Pitchbook
