In a message on Tuesday, it appears that BlackRock has raised 4.5 billion dollars, more than 47 billion NOK, for new funds to be invested in infrastructure resources devoted to climate-focused projects.

Invest in five sectors

The goal is to raise $7.5 billion, and the world’s largest asset manager said public and private pension funds have invested in a new fund, dubbed Global Infrastructure Fund IV, Reuters wrote.

According to BlackRock, which manages nearly $8 trillion, the new fund will invest in five sectors: Energy, low-carbon energy, transportation and logistics, regulated energy markets and digital infrastructure. The plan is to exploit the growing trend towards decarbonization and digitization.

The last time BlackRock created an infrastructure fund in 2020, it raised $5.1 billion.

– Attacks from the right and left

BlackRock has previously received criticism from several quarters for its stance on climate and energy issues. These include the environmental movement, which believes they are doing too little to drive change in companies in their portfolios that operate on fossil fuels. Republican politicians have accused asset managers of boycotting energy stocks, Reuters wrote.

– I’m now attacked equally by left and right, so I’m doing something right, I hope. I do not know. It hurts, but you know what? We’re moving forward, said BlackRock CEO Larry Fink in early October when commenting on the criticism that asset managers have faced.

– Facts don’t matter with any subgroup in the country, he added, pointing to the $181 billion companies invested in American energy companies.