Japan’s Dai-ichi Life Insurance Company is investing 10.5 billion (US$100 million) in a renewable power fund managed by the real asset unit of BlackRock the world’s largest asset manager.
The move underscores Dai-ichi Life’s drive to raise its exposure to sustainable investing.
The company is targeting to have more than 1.2 trillion yen of environmental, social and governance (ESG) investments by 2023, from 550 billion yen at the end of last year, according to its 2019 annual report.
BlackRock’s Global Renewable Power Fund III “seeks to have a positive impact on the environment and society by building renewable power supply chains ranging from power generation to power supply”, the insurer says in a statement on October 14.
The fund, which was launched by BlackRock Real Assets in the first quarter of last year, focuses on construction and operational stage projects for solar and wind power generation facilities, among other things.
Dai-ichi Life says it’s pushing ahead with ESG strategies that emphasise quality of life improvement, climate change mitigation and regional revitalisation.
The Tokyo-based life insurer currently manages 36 trillion yen of insurance assets for around 10 million customers across Japan.
New York-based BlackRock had US$7.32 trillion of total assets under management as of end-June, including more than $58 billion under BlackRock Real Assets.