BlackRock: Growing its Climate Team to Pioneer Green Finance

Investment management leader Blackrock believes that climate finance is one of the largest infrastructure growth opportunities over the coming decades and is putting its money where its mouth is.

As the world embraces electrification, clean energy and low-carbon technologies, BlackRock is increasing investments and strategy in its Climate Infrastructure team.

The growing renewable energy requirements will require US$4.8tn in the next 15 years, BlackRock believes.

The company highlights key climate infrastructure opportunities in:

• Clean power generation including distributed generation
• Energy efficiency in residential, commercial and/or industrial sectors
• Transmission, distribution and energy storage solutions
• Ultra-low emission or electrified transportation and mobility.

The global climate team is led by David Giordano, Managing Director and Global Head of Climate Infrastructure. His team has more than US$5bn under management and more than 250 wind and solar investments.

“I spent my career in renewables and in the energy markets and it’s really exciting to be in this age of full implementation. The low-carbon transition has been moving forward for a long time now – the last 20 plus years. But this acceleration and the full commitment throughout the ecosystem of implementation in infrastructure and across the broader economy is something new,” says David.

“Scaling up these new technologies to meet the massive commercial needs of the low-carbon transition necessitates a huge amount of investment in everything from generation facilities to the business of energy transmission and distribution, as well as the efficiency-enhancing technology for end users.”

BlackRock's global expansion hits New Zealand

As part of the expansion of its Climate Infrastructure team, BlackRock is launching a New Zealand-focused strategy. BlackRock has been investing and managing the retirement savings of New Zealanders for over a decade and the expansion includes a new Auckland office where the team will be responsible for sourcing climate infrastructure investment opportunities and managing the diligence, structuring and closing of transactions.

Leading the work is Will Thomson, who joins BlackRock as Managing Director and Portfolio Manager in the Climate Infrastructure team in New Zealand, effective July 2024.

Charlie Reid, Asia Pacific Co-Head of Climate Infrastructure, BlackRock, said: “We are pleased to welcome Will to BlackRock. Will brings valuable expertise and industry knowledge that aligns well with our global experience in developing and managing climate infrastructure assets. We look forward to collaborating with Will to invest on behalf of our clients in New Zealand companies that are at the forefront of enabling the transition to a low-carbon economy.”

Andrew Landman, Deputy Head of Asia Pacific, BlackRock, said: “BlackRock’s New Zealand-focused strategy aims to meet local client demand for direct investment opportunities within the New Zealand climate finance ecosystem. We are thrilled to have Will as a senior investor to spearhead our efforts alongside our established Climate Infrastructure team to contribute to the growth of the New Zealand economy while enhancing energy security and resilience for the local community.”

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