WEBVTT

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Olivia, welcome.

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Where do you see the biggest
opportunities for climate

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investing?

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Absolutely.

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Areas in which we see big
opportunities today are twofold.

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One, from an asset class
perspective, we see a lot of

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opportunities around both
private equity, as well as

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infrastructure, and private
credit.

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There's been a lot of capital
that has gone into venture

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capital and growth equity over
the last few years.

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We think that's fantastic,

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but now we're really in a
scaling up phase here.

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So we're very much focused on
the technologies, the processes,

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that, a couple of years ago,
were not quite ready for prime

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time.

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We've taken them to the next
level and now you really need

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the capital to grow these
businesses, to scale these

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businesses, to really finance
these businesses in a regular

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way.                            
                                

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                            Is
that the unlock then? From here

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to scaling up is just a matter
of finance?

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It's the right finance and the
right way?

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Listen, not all these businesses
are gonna make it and we

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understand that.

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When businesses have gotten to a
level where they're ready for

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financing, where the technology
risk has been proven,

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there is infrastructure capital,
there is private equity capital,

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and there's ultimately, for us,
private credit that can really

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help get these companies to the
next level.

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We see a tremendous opportunity
there and we really think that

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is what will sort of solve this
"missing middle" of the climate

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finance equation.

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We're hearing a lot of companies
that are committing to climate

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targets, but how do you turn
that ambition into reality?

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Absolutely, we love it.

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When we see our corporate
partners, companies that we have

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strong relationships with at
Apollo, make commitments, we

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call them up. We want to be
their partner on so many of

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these deals.

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We did a really interesting deal
a couple of weeks ago with Air

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France, where, as part of an
overall financing, we funded

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€100 million tranche to solely
purchase sustainable aviation

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fuel.

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We've had a long relationship
with Air France.

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This was really a way in which
we could very much help them

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meet their own goals.

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Where does regulation fit into
all this?

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Regulation is important and we
see things like the Inflation

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Reduction Act in the US and
these are fantastic.

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The reality is: for these
businesses to have a fighting

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chance, they need to stand on
their own without regulatory

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incentives.

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For us, when we're looking at
underwriting these businesses,

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we need to make sure that even
without these incentives, that

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there's a good business model in
here. That they can make money

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and at the end of the incentive
period,

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there is very good residual
value

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so that this business will keep
on going even beyond the

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regulatory incentive.

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All right. Olivia, thank you so
much.

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Thank you.