Clean Growth Fund exceeds £100m target with LGPS support
0Two of the UK’s largest local authority pension funds – Merseyside and South Yorkshire – have made significant commitments that have helped the Clean Growth Fund exceed its target of £100m.
The Clean Growth Fund, which invests in early-stage UK clean technology ventures, reached a final close of £101m aided by new commitments of £31m from Merseyside Pension Fund, South Yorkshire Pension Fund, Queens’ College Cambridge and Aviva Investors.
The fund will now focus on expanding its investment portfolio across the UK. It has already made investments in the areas of smart charging, low-carbon heating, grid services, renewable energy generation and emission reductions in heavy industry.
Beverley Gower-Jones, managing partner of the Clean Growth Fund, said: It’s hugely exciting to be identifying, investing and supporting the country’s very best companies that have innovative, disruptive solutions that offset the impact of climate change.”
Established in 2020, with cornerstone funding from the Department of Business, Energy and Industrial Strategy and investment manager CCLA, the fund received subsequent investments from Strathclyde Pension Fund and Aviva PLC.
George Graham, director of the South Yorkshire Pensions Authority, said: “Achieving the country’s and our pension fund’s net-zero goals required the development and exploitation of new technologies which support the decarbonisation of the economy. The Clean Growth Fund connects investors with the innovators who will give us the tools to make the step change necessary to get to net zero.”
Pat Cleary, chair of Merseyside Pension Fund and leader of the Green Party Group at Wirral Council, added: “I’m delighted that Merseyside Pension Fund is able to make this kind of investment, supporting innovative green businesses and helping to support the UK’s low-carbon economy.”
—————
FREE weekly newsletters
Subscribe to Room151 Newsletters
Room151 LinkedIn Community
Join here
Monthly Online Treasury Briefing
Sign up here with a .gov.uk email address
Room151 Webinars
Visit the Room151 channel
