Ireland Strategic Investment Fund, Dublin, committed €65 million ($70 million) to Climate Assets Fund I managed by Just Climate, a spokesman for the €9 billion sovereign wealth fund confirmed.
Just Climate is an investment business created by former U.S. Vice President Al Gore's Generation Investment Management to scale efforts to achieve a carbon-free economy.
The fund closed at $1.5 billion on June 8, exceeding its $1 billion target.
Investors in the fund also include 407.1 billion Swedish kronor ($38.7 billion) AP2, Gothenburg; the 460.5 billion Swedish kronor AP4, Stockholm; the $311.1 billion California State Teachers' Retirement System, West Sacramento; and PSP Investments, which manages the assets for the C$243.7 billion ($180.5 billion) Public Sector Pension Investment Board, Montreal, according to a news release by Just Climate.
"The extent and urgency of the climate challenge require ISIF and other major investors to work together to drive innovation in climate action. We believe this initiative is a major step forward in sustainable investing and increasing the capital available to target high-impact areas in the shift to a low-carbon economy," Paul Saunders, head of climate at Ireland Strategic Investment Fund, said in a news release Thursday.