Apollo Names Partner to Lead Its $100 Billion Climate Push - The Information
Apollo Names Partner to Lead Its $100 Billion Climate Push - The Information
Private equity firm Apollo Global Management has tapped a partner in its infrastructure investment unit, Brad Fierstein, to lead investments and lending to clean energy businesses in areas like electric vehicles and solar panels, according to two people close to Apollo. The move comes as part of a broader leadership reshuffling at Apollo following the abrupt termination of Dylan Foo, former head of infrastructure, in August.
Launched in April last year, the climate program Fierstein will run aims to invest $100 billion by 2030 across the firm’s credit, equity and real assets segments, the latter of which includes infrastructure investments. Apollo also launched a $4 billion fund last April that invests in and lends to companies looking to transition into clean energy. That was followed by Apollo’s first-ever PE climate fund, launched in December.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”