The UK鈥檚 department of business, energy and industrial strategy (BEIS) and CCLA, the investment manager for charities, have each invested 拢20m (鈧�22.2m) as cornerstone investors in a 鈥榗lean growth鈥� fund.
The duo have created the Clean Growth Fund, managed by Clean Growth Investment Management (CGIM), to invest in early-stage UK clean growth companies pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste.
The fund is expected to raise 拢100m in total and the manager is now seeking wider private sector investment from others 鈥� pension funds, limited partner investors and family offices.
Alok Sharma, business secretary, said: 鈥淲ith the help of this fund, promising clean growth start-ups will be able to step up to accelerate the UK鈥檚 recovery while supporting our path to net-zero by 2050.
鈥淭his pioneering new fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.鈥�
James Bevan, CCLA鈥檚 CIO said: 鈥淭hrough the Clean Growth Fund, we now look forward to working with other investors to support these exciting young UK companies aiming to reduce carbon emissions.鈥�
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