BlackRock Inc. has drawn in $673 million in funding as part of a plan to invest in climate infrastructure in emerging markets.

The world’s largest asset manager says the money will go toward the Climate Finance Partnership, a public-private finance vehicle with a goal of accelerating the net-zero transition in developing countries, according to a statement on Tuesday. A consortium of 22 investors across the globe have committed to the project, which had an initial target of $500 million.

The world needs to invest $1 trillion each year in emerging-market low-carbon projects if it’s to have a realistic stab at achieving a “just transition” to net-zero emissions, the BlackRock Investment Institute estimates. Other prominent asset managers have also zeroed in on real assets in poorer countries as a path toward meaningful decarbonization. The investment firm of former U.S. Vice President Al Gore, Generation Investment Management LLP, recently unveiled a similar initiative amid concerns that more traditional strategies aren’t doing enough to fight climate change.

“Emerging markets account for an increasingly large share of global emissions due to population growth and economic development,” BlackRock said. “However, in 2020 only a total of $150 billion was invested in decarbonization in emerging markets, excluding China—a sixth of what is needed.”

BlackRock timed its announcement to coincide with the COP26 climate summit in Glasgow, Scotland, at which world leaders are locked in talks to secure agreements that will prevent the planet from overheating. Going into COP26, the United Nations warned that commitments to date put the world on track toward 2.7 degrees Celsius of warming by the end of the century, which it characterized as a “catastrophic” scenario.

“Through the Climate Finance Partnership, the public and private sectors have come together to mobilize significant investment into climate infrastructure in emerging markets that seeks to deliver positive environmental and social impact and allow for attractive risk-adjusted returns,” BlackRock said.

This article was provided by Bloomberg News.