Brookfield Sees Midstream Opportunities as Investors Embrace ESG
(Bloomberg) -- Brookfield Infrastructure Partners sees opportunities in sectors including gas pipelines as ESG investing accelerates.
“We'll see a number of opportunities surface there as this sector becomes under invested due to the ESG winds,” Sam Pollock, the company's chief executive officer, said in referring to midstream assets.
A recovery in valuations of such companies on the heels of rising commodity prices isn't likely to change their long-term outlook, he said on a conference call Wednesday after the company reported fourth-quarter results.
The firm, a publicly-traded subsidiary of Brookfield Asset Management, also plans to continue seeking opportunities in the utility sector “that can benefit from the decarbonization and electrification of the grid,” Pollock said.
BlackRock, Brookfield Pipeline Bids Underscore an ESG Dilemma
The comments reflect the dilemma facing even the most climate-progressive firms as to whether to completely ditch polluting industries amid the pressure to generate returns. Brookfield Infrastructure last year completed the acquisition of Inter Pipeline Ltd., which operates energy infrastructure assets across Western Canada.
Brookfield Asset Management hired former Bank of England Governor Mark Carney to strengthen the firm's environmental, social and governance investing. It expects to raise more than $15 billion for a new impact fund.
Brookfield CEO Flatt Says Impact Fund Upsized to $15 Billion
Brookfield Infrastructure reported on Wednesday that funds from operations climbed 19% to $1.7 billion last year, beating analysts' estimates.
©2022 Bloomberg L.P.
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