Global alternative investment manager Apollo announced today the launch of a new sustainable investing platform focused on financing and investing in the energy transition and decarbonization of industry. The new platform will invest across asset classes, and will span Apollo’s equity, hybrid and yield businesses.
Apollo stated that it aims to deploy $50 billion in clean energy and climate capital over the next five years, and sees the opportunity to deploy over $100 billion by 2030.
The firm also announced the appointment of Olivia Wassenaar to lead the platform in her new role of Head of Sustainable Investing. Wassenaar has been with Apollo since 2018, serving as Senior Partner, focused on energy transition investments, and she co-Chairs Apollo’s DE&I Steering Group. Prior to joining Apollo, Wassenaar served as a Managing Director at private equity investor Riverstone Holdings.
Wassenaar said:
“I am thrilled to help lead such an important initiative as we look to partner with institutions across the globe and deploy record capital across our entire platform. Investing in the energy transition and decarbonization of industry continues to be a priority for the Firm, and I look forward to further leveraging our expertise and full resources toward this effort. We see significant opportunities across the sustainability spectrum to provide attractive, diversified returns to our investors while driving a once-in-a-generation need to create real, positive change across sectors.”
Apollo also announced that the sustainable finance function, focused on the firm’s yield business, will be led by Joe Moroney, Head of Sustainable Finance and Co-Head of Global Corporate Credit, supported by Deputy Heads of Sustainable Finance, Christine Bave and Dan Vogel, while the firm’s broader sustainability strategy will be overseen by Apollo’s recently hired Chief Sustainability Officer Dave Stangis.
Stangis said:
“With more than a decade of leadership in ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. reporting and engagement, our goal is to build new capabilities, strategies and differentiated opportunities at the forefront of sustainable progress. We are proud of Apollo’s track record of supporting leading companies in this space, and we believe our new platform strategy demonstrates Apollo’s all-in commitment to a cohesive, yet customizable approach to create value for all of our stakeholders while accelerating climate goals.”
The launch of the new platform marks the latest in a series of moves by Apollo to support the energy transition and invest in the major opportunities emerging from global initiatives to decarbonize, as governments and companies around the world launch and pursue net zero commitments. Recent investments by Apollo include a $150 million equity commitment to energy storage solutions-focused technology provider FlexGen Power Systems, and the acquisition of Commercial Property Assessed Clean Energy (C-PACE) financing provider Petros PACE Finance. Apollo has also recently announced several ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. and sustainability-focused hires, including Stangis, as well as Carletta Ooton as Head of ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. for Private Equity, and Michael Kashani, Head of ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. for Credit.
In addition to the launch, Apollo outlined a series of sustainability-focused commitments, including pledges to reduce median carbon intensity by 15% over the projected hold period for new control investments in the firm’s flagship strategy, align public reporting with TCFD recommendations, enhance due diligence with a deeper focus on sustainability improvements and targets, and to identify and invest in innovative companies that accelerate the energy transition and more sustainable business models.
Apollo Co-President Scott Kleinman, said:
“As a leading, global alternative asset manager, we see an opportunity to play a critical role in driving a more sustainable future. We recognize that fundamental change does not happen overnight and advancing the transition will require deep expertise, partnership and long-term, flexible capital. With one of the world’s largest private credit platforms and a leading equity franchise, we are committed to leveraging our full platform to provide a one-stop shop for holistic capital solutions to companies and communities around the globe.”
The post Apollo Sees Opportunity to Invest Over $100 Billion in Energy Transition, Industrial Decarbonization appeared first on ESG Today.