The U.S. and European Union have plans to unleash roughly $1.1 trillion combined in funding through 2027 as part of a clean-energy race to lower carbon emissions, according to a new tally from the BlackRock Investment Institute.
That was a big bump up from pledges of about $200 billion each in the years before the pandemic, which gave rise to major governmental funding initiatives on both sides of the Atlantic to reduce their reliance on fossil fuels. BlackRock BLK is the world’s largest asset manager with some $10 trillion in assets under management. The BlackRock Investment Institute, its research arm, said on Monday that portfolios should include both clean energy “transition-linked” assets like infrastructure and traditional energy, as it’s likely to be a bumpy journey to lower-carbon economies.