Apollo Global Management Inc., a manager of alternative assets, launched a sustainable investing platform on Feb. 24, targeting the deployment of $50 billion in decarbonization and energy transition opportunities over the next five years.

The new platform underscores the opportunity that Apollo sees in providing capital to companies focused on clean energy and moving away from fossil fuels, as the world tries to limit the rise in global temperatures to 1.5 C to avoid the most catastrophic effects of climate change.

The New York-based firm has deployed more than $19 billion into energy transition and sustainability-related investments in the last five years, including in renewable energy, electric vehicles and decarbonization. It told Reuters on Feb. 24 that it sees scope to deploy more than $100 billion by 2030.

“We recognize that fundamental change does not happen overnight and advancing the transition will require deep expertise, partnership and long-term, flexible capital,” Apollo co-president Scott Kleinman said in a statement.

The International Energy Agency said last year that annual clean energy investment globally will need to more than triple by 2030 to around $4 trillion to achieve net-zero carbon emissions by 2050.

The money for Apollo’s new sustainable investments will be deployed from its existing pools of capital, spanning credit, private equity, impact investing, infrastructure, real estate and natural resources. Over time the firm could launch investment products dedicated to sustainable investing.

The sustainable investing platform will be led by Olivia Wassenaar, co-head of natural resources investing at Apollo. Joseph Moroney will head the sustainable finance operations that will be providing credit to companies involved in decarbonization and the energy transition.

Among Apollo’s recent sustainable investments are clean energy financing provider Petros PACE Finance, energy storage and renewable energy platform Broad Reach Power, and Ionic Blue, a joint venture with Johnson Controls International Plc to provide sustainability and energy efficiency services.

Apollo also said it has made commitments to make its own operations more sustainable.

It said it will reduce by 15% the median carbon intensity of companies controlled by its flagship private equity funds, and align its public reporting with recommendations of the Task Force on Climate-Related Financial Disclosures.

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