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Bahrain anchors Investcorp’s $750m climate fund

Bahrain's Investcorp says the $750m Climate Solutions Partners platform will help companies trying to accelerate decarbonisation Unsplash.com/ Marek Piwnicki
Bahrain's Investcorp says the $750m Climate Solutions Partners platform will help companies trying to accelerate decarbonisation

Bahrain’s sovereign wealth fund, Mumtalakat Holding Company (Mumtalakat), will anchor Manama-based alternative asset manager Investcorp’s $750 million climate fund.

The launch comes as Cop28 kicks off in the UAE, with negotiators striking the first deal of the summit – agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change.

The “Climate Solutions Partners” fund will focus on providing capital to international companies active in helping consumers and corporates to accelerate decarbonisation, state-run Bahrain News Agency reported.

The fund will invest in “commercially proven climate solutions with the potential to transform” carbon management, building, transportation and food and agriculture, Investcorp added.

No details were given on Mumtalakat’s investment in the fund.

“Climate change is one of the most compelling investment opportunities for the coming years and it is critical that the GCC and wider Mena region is positioned to lead in the energy transition and the new solutions which will be required,” said Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat.

Abu Dhabi state fund Mubadala Investment Company acquired 20 percent of Investcorp in 2017.

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