ESG Today reports that the 2023-launched fund could exceed the size of the previous largest fund from Brookfield, called BGTF. That one reached 15 billion USD at its final close back in 2022 and is to this day the largest private fund dedicated to accelerating the transition to a green economy.

Brookfield Renewables CEO Connor Teskey said that "corporate demand for decarbonization technologies is now the primary driver of transition investment, delivering significant economic value as well as meaningful environmental benefits. New trends are also emerging, such as supplying reliable, clean power to the surging data and technology sector, building entirely new industrial supply chains, and scaling technologies required for industrial decarbonization."

Brookfield's sustainable economy transition fund focuses on three main areas, the first being the clean energy transformation. The other two are the promotion of sustainable business practices in hard-to-abate sectors and the acceleration of sustainable solutions for various uses.

So far, funds from the BGTF II were used to acquire one of the largest onshore and offshore wind farms operators in the UK, as well as a solar energy development project in India. Brookfield's BGTF II fund will be closed for fundraising in Q3 2024.

Brookfield Chair and Head of Transition Investing Mark Carney added that "by going where the emissions are, the Brookfield Global Transition Fund strategy is aiming to deliver strong risk-adjusted financial returns for investors and make meaningful environmental impacts for people and the planet."