The Green Investment Group has outlined plans to develop 20 GW of renewable energy capacity around the world in the next five years.

The Macquarie Group-owned firm announced at the recent UN Climate Action Summit in New York that the project pipeline would include 4 GW of projects in non-OECD countries, and would be backed by power purchase agreements (PPAs) with corporate clients.

At the Summit, Macquarie announced a number of climate initiatives aimed at boosting climate finance, supporting energy efficiency in agriculture and real estate, and improving the availability of standardised, climate-related data.

Shemara Wikramanayake, Macquarie Group Managing Director and Chief Executive Officer said: “I’m delighted that our Macquarie teams have been able to contribute to these important United Nations initiatives on climate mitigation and adaptation. Over the last decade we have played a leading role in facilitating the shift towards renewables, with a particular focus on trying to address the various challenges that remain to full transition, including the need for a stronger pipeline of projects and integrating these with energy grids.

“We are increasingly broadening our focus by seeking new solutions to emissions reduction across agriculture, waste and real estate and working to ensure our infrastructure investments are more climate resilient.”

In August Macquarie said it plans to raise A$1 billion ($675 million) in new capital as it targets investments in renewable energy.