Strathclyde Pension Fund pledges £20m to UK’s Clean Growth Fund

The Clean Growth Fund aims to accelerate the commercialisation of clean growth technologies, create new jobs and contribute to the UK’s 2050 net zero goal

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The Strathclyde Pension Fund has announced a new capital commitment of £20 million to the Clean Growth Fund, a venture capital fund investing in promising early-stage clean technology ventures in the UK.

The Clean Growth Fund, established in 2020 with cornerstone funding from BEIS and investment manager CCLA, aims to accelerate the commercialisation of clean growth technologies, create new jobs and contribute to the UK’s 2050 net zero goal.

Ian Jamison, Investment Manager at the Strathclyde Pension Fund said: “Our investment in the Clean Growth Fund not only enables us to deliver on the pension fund’s return objectives but is also aligned with our objective of implementing an investment strategy that is consistent with achieving the goal of global net zero emissions by 2050.”

The Clean Growth Fund has so far made two investments – the first in Piclo, a smart energy company that allows network operators to procure flexibility services that help balance the UK’s electricity grids and the second in Indra, which provides electric charging and energy storage solutions for home and commercial use.

Lord Callanan, UK Minister for Business, Energy and Corporate Responsibility added: “We are committed to tackling climate change and as we transition to a clean economy and build back greener, the need for investment in the green technologies of the future will rise substantially – which is why we backed the Clean Growth Fund with £20 million government investment.

“Strathclyde Pension Fund’s £20 million cash injection into the Fund will support the UK’s best innovators to develop and commercialise the clean technology solutions needed to meet our climate change goals.”