France and Germany are joining forces with investment giant BlackRock to speed up attracting capital to invest in projects fighting against climate change in developing countries.

The Climate Finance Partnership brings together BlackRock, the world’s biggest asset manager, France’s development agency AFP, the German environment ministry, and a number of private foundations.

The investments will be targeted towards countries in South East Asia, Latin America, and crucially Africa, which will account for at least 25% of the total capital invested, according to RTE.

Projects could include renewable energy, energy efficiency in homes and offices, energy storage and electric transport, a statement said.

There will be an initial investment of at least $100m and then BlackRock will mobilise a goal of at least $400m in institutional private equity capital commitments. “This would result in a minimum size of $500m at first close and CFP parties share a collective goal of further scaling the vehicle going forward,” the statement said.

France and Germany intend to contribute $30m each to the partnership.