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Fifth Wall closes $500 million climate fund to decarbonize real estate
Fifth Wall, a venture capital firm focused on real estate technology, is tripling down on its bet that climate tech will become an integral driver in the real estate space. It just announced commitments of half a billion dollars to close its inaugural Climate Fund, which launched with $116 million in August of last year. It is the largest private fund formed specifically to decarbonize the real estate industry, according to the firm. Nearly 40% of global carbon dioxide emissions come from real estate, according to the United Nations Environment Programme Finance Initiative. About 70% are produced by building operations, and the rest come from the construction process. Given that…