Japanese conglomerate Mitsubishi Corporation has launched a decarbonisation fund, aiming to raise up to US$1bn (€910m) to invest in European and US startups working on floating offshore wind turbines and sustainable aviation fuel.

The Marunouchi Climate Tech Growth Fund, managed by Marunouchi Innovation Partners (MIP), a company established by Mitsubishi, MUFG Bank and Pavilion Private Equity, has raised an initial US$400m from investors.

MIP plans to raise new investment through additional rounds of funding and increase the size of the fund to US$800m to US$1bn by its final closing.

The initiative is part of Mitsubishi’s “Roadmap to a Carbon Neutral Society” strategy with the group aiming to be a net-zero greenhouse-gas emissions company by the year 2050.

To read the latest edition of the latest IPE Real Assets magazine click here.