New Zealand Super Fund committed $100 million to the Fifth Wall Climate Technology Fund, the Auckland-based, NZ$60 billion ($43 billion) sovereign wealth fund announced.
A news release Thursday said the commitment to the fund, managed by Los Angeles-based Fifth Wall, is in line with its October pledge to increase investments in climate solutions as part of the fund's pledge to achieve net-zero emissions "by 2050 or sooner."
The climate technology fund is focused on investing in new technologies to "decarbonize the global real estate industry." The news release said Fifth Wall has raised more than $300 million for the fund so far and is targeting $500 million.
The news release also noted that the real estate sector in the U.S., at 13% of GDP, accounts for 40% of carbon emissions.
