Industrial policies greening the economy aim to accelerate the transition to net zero. We show that the US Inflation Reduction Act (IRA) improved the supply of climate finance globally. Using granular data on global investment funds, we identify a novel international spillover channel of industrial policies through these funds. Sustainable global investment funds received more inflows upon the IRA announcement, in turn increasing their cross-border portfolio investments worldwide. Recipient countries better prepared to address climate change as measured by widely-used climate policy scores benefited most from sustainable global funds' additional investments, as well as from conventional funds' portfolio reallocation towards higher-scoring countries in response to the IRA. Non-US domiciled sustainable funds investing outside of the US account for most of the spillovers. The results are robust to a rich set of controls and fixed effects, absorbing recipient countries' demand for foreign funds. Thus, global investment funds have become an important conduit for the international spillover of climate policies.