$3.5 Billion Raised By General Atlantic To Fight Climate Change
Private equity firm General Atlantic’s BeyondNetZero has raised $3.5 billion to support companies in the fight against climate change. The fund, which was launched in 2021, aims to invest up to $200 million in firms that can help reduce emissions in areas including decarbonization, resource conservation, energy efficiency, and emissions management. To secure the funds, General Atlantic raised $2.6 billion from institutional investors including sovereign wealth funds and multinational companies, with an additional $900 million coming from existing General Atlantic funds.
The new BeyondNetZero fund has already spent $826 million acquiring stakes in five companies, including vertical farmer 80 Acres Farms and sustainability rating firm EcoVadis. The fund has a pipeline of around 1,000 companies, with 10% of those being larger businesses with double-digit growth rates and no conceptual risk.
According to BeyondNetZero Chairman John Browne, the world is falling behind in the necessary investments to combat global warming and cap temperature rise at two degrees Celsius. Browne, who is a former BP boss, emphasized the importance of increasing both the scale and speed of investments in order to meet this goal.
At the November 2021 COP27 climate talks in Egypt, the need for more private-sector investment in the fight against climate change was a key topic. A report at the talks warned that developing countries will need $1 trillion a year in public and private investment by 2030 in order to combat global warming.
In addition, the International Energy Agency has stated that annual clean energy investment will need to more than triple to around $4 trillion by 2030 in order to achieve net-zero carbon emissions by 2050. This highlights the importance of private sector investment in the fight against climate change and the role that companies like BeyondNetZero can play in supporting and scaling sustainable solutions.
New York-based General Atlantic has $73 billion in assets under management spread across technology, life sciences, healthcare, financial services, consumer, and climate. The company has a history of supporting companies that are driving positive change and innovation in their industries, and the launch of the BeyondNetZero fund is in line with this commitment to sustainability and social impact.
Prachi, an accomplished Chief-Editor at The Sustainable Brands Journal, has 15+ years of experience in Europe, the Middle East, and India, managing 90+ global sustainable brands. She’s a prolific writer in sustainability, contributing to various publications. Prachi’s unwavering passion and expertise make her a recognized authority, driving positive change and inspiring a sustainable future.
