Ten LGPS funds in London are investing over £600m in renewable energy, according to the London CIV pension pool.
One of the biggest individual investments will come from the combined Wandsworth and Richmond pension fund. This has already invested £40m in renewable energy assets and aims to increase this commitment to £140m in the next year.
Mike O’Donnell, chief executive of London CIV, said: “We are delighted Wandsworth and Richmond are investing such a significant amount in renewable energy, which includes our recently launched Renewable Infrastructure Fund. The rest of the £600m investment has been made up by another nine London borough Local Government Pension Scheme investors.”
Cllr Guy Senior, chairman of the joint Wandsworth and Richmond pension fund said: “We came to the conclusion in 2020 that maximising the performance of the fund and supporting the council’s pledge to tackle global warming did not have to be mutually exclusive.
“Switching to environmentally friendly investments has been a gradual process, but our equity portfolio is already over 30% below the carbon footprint for its benchmark.”
London CIV has committed itself to becoming net zero by 2040, the first local authority pension pool to do so.
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