Blackstone has announced the launch of a new credit platform focused on investing in and lending to clean energy companies.
Blackstone Credit’s Sustainable Resources Platform is part of the private capital giant’s plan to invest $100 billion (£73.8bn) over 10 years in energy transition and climate change solutions.
The new credit platform, which seeks to address the growing challenges, investment needs and expertise required by the energy transition, will focus on a broad range of sectors, including residential solar and home efficiency; renewable energy and storage; products, services and technologies that enable the energy transition; decarbonised transportation; sustainability-linked loans; green financings that fund environmental projects; and other energy infrastructure investments.
Since 2019, the company has committed more than $15 billion (£11bn) in investments it believes are consistent with the broader energy transition.
Jon Gray, President and COO of Blackstone said: “The launch of this platform demonstrates our conviction in the investment opportunities presented by the energy transition. Companies globally are shifting to meet this demand. We believe private capital is essential to supporting decarbonisation goals and our scale allows us to play a major role.”
Last January, Blackstone announced its emissions reduction programme to cut carbon emissions by 15% over three years for all new assets where the firm controls energy usage.