Pension fund of London borough council to invest GBP 80m in green energy

Wandsworth Council, a London borough council, on Friday said its pension fund intends to make an investment of up to GBP 80 million (USD 90m/EUR 92m) in two energy transition funds.

Subject to due diligence, the Wandsworth pension fund will put money in the Octopus Energy Transition Fund, which will target hydrogen, the grid, storage, supply chains and local renewable generation, and the Sandbrook Climate Infrastructure Fund, which will focus on generation, the grid, storage, supply chains and energy efficiency. Up to GBP 50 million will be invested in one fund.

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The GBP-2.6-billion Wandsworth pension fund is a joint fund for Wandsworth and Richmond councils. It aims to achieve a 60% cut in emissions by 2030 and net-zero by 2050.

“Investing in renewable energy is not just good for the environment. It delivers a good return for the fund and will also help deliver energy self-sufficiency and security which is crucially important given the reprehensible actions of Russia in Ukraine,” commented the chairman of the Joint Pensions Committee, councillor Norman Marshall.

(GBP 1 = USD 1.124/EUR 1.146)