Primary: Portfolio company TCFD-aligned climate risk assessment and sustainability due diligence protocol Brookfield has implemented a TCFD-aligned climate risk assessment process to understand physical and transition risk profiles across its businesses. As part of its Sustainability Due Diligence Protocol, investment teams assess climate change risks at the point of acquisition and create tailored integration plans for material sustainability matters. Portfolio company management teams regularly report to boards on GHG emissions and environmental management KPIs, with the CFO overseeing GHG reporting and measurement. The approach distinguishes between controlled investments (where Scope 1 & 2 targets apply) and non-controlling interests (stewardship and engagement approach).
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Oaktree ownership interest increased from ~64% to ~68% During 2023, BAM ULC increased its ownership interest in Oaktree from approximately 64% to approximately 68% through a purchase of an incremental 4% interest, resulting in recognition of $141 million of additional intangible assets for customer relationships.
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Primary: GHG emissions reduction across $201B AUM portfolio — 50% target from 2020 base (NZAM) As a signatory to the Net Zero Asset Managers initiative since 2021, Brookfield has committed to reduce emissions across $201 billion of AUM by at least 50% from a 2020 base year, increased from $147 billion in 2022. The target includes Scope 1 and 2 emissions of portfolio companies across renewable power & transition, infrastructure, private equity, and real estate. The firm focuses on investments where it has control and can implement actionable near-term initiatives that are value accretive. Progress is supported by the Net Zero Steering Committee and dedicated sustainability working groups.
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Dependent: Stewardship and engagement with portfolio companies on decarbonization pathways Brookfield utilizes its significant influence and owner-operator capabilities to encourage sound sustainability practices across portfolio companies, focusing on net-zero efforts where there is the best opportunity for meaningful outcomes. The firm shares best practices and resources and conducts regular systematic monitoring to track progress. For non-controlling investments, stewardship practices are used to encourage sustainability outcomes aligned with Brookfield's approach. Water, waste and biodiversity management are also integrated into portfolio company monitoring, with industry best practices applied to reduce water consumption and track recycling metrics.
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Merger agreement to acquire American Equity Investment Life (AEL) announced On July 5, 2023, Brookfield Reinsurance and AEL entered into a merger agreement. Upon closing, will add approximately $50 billion of insurance AUM. Manager's interest in Asset Management Company to increase from 25% to approximately 27%.
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Net Zero Steering Committee and operational infrastructure established for decarbonization plans In 2023, Brookfield focused on building teams and devoting resources to develop credible decarbonization plans across AUM. A Net Zero Steering Committee, Net Zero Operational Committee and Sustainability Financial Reporting Working Group were established. Net-zero interim target includes Scope 1 and 2 emissions of portfolio companies.
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Dependent: Catalytic Transition Fund and BGTF II — Deploying capital in industrial decarbonization and emerging markets Brookfield's flagship Global Transition Fund series (BGTF I and BGTF II launched in 2023) catalyzes businesses onto net-zero pathways aligned with the Paris Agreement — developing new clean energy capacity, scaling sustainable solutions, and providing transformation capital to carbon-intensive sectors. The Catalytic Transition Fund, announced at COP28 with UAE's ALTÉRRA anchoring with $1 billion (alongside a $2 billion commitment to BGTF II), deploys capital exclusively in emerging and developing markets with a focused mandate on energy transition, industrial decarbonization, sustainable living and climate technologies.
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Fugitive emissions reclassified to Scope 1 Historically fugitive emissions from leased facilities were reported in scope 2. In 2023, using guidance from the GHG Protocol, we started reporting fugitive emissions from all facilities (owned & leased) under scope 1. 2019 figures restated.
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Brookfield Global Transition Fund II (BGTF II) launched and Catalytic Transition Fund announced at COP28 BGTF II was launched in 2023 to invest in new clean energy capacity, sustainable solutions and carbon-intensive sectors. At COP28, the Catalytic Transition Fund (CTF) was announced with UAE's ALTÉRRA anchoring with $1B commitment for emerging/developing markets focused on energy transition, industrial decarbonization, sustainable living and climate technologies.
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World's largest owner-operator of renewable power; investing in clean energy transition globally Brookfield is one of the world's largest owners and operators of renewable power globally, managing $102 billion of AUM in renewable power and transition as of December 31, 2023. The firm invests in hydroelectric, wind, utility solar, distributed energy and storage, and sustainable solutions including renewable natural gas and carbon capture and storage. Through BEP (Brookfield Renewable Partners, market cap $17.9 billion), long-term PPAs and contracted revenue streams underpin returns. Clean energy occupies a uniquely complementary position to net-zero, low-cost energy and energy security goals.
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