Southwark Council - Investing in Renewable Energy
Southwark Council has made the decision to divest away from fossil fuel based pension funds, and this year announced that it will invest £65m into two new renewable energy funds, £35m with BlackRock’s Global Renewable Power Fund III and £30m with Temporis Operational Renewable Power Strategy. This, combined with other changes to the fund, means the carbon footprint of the fund will have been reduced by almost 50 per cent since 2017. Southwark has now committed a total of £95m to sustainable infrastructure/renewable energy assets. The new combination of investment, alongside the Fund’s earlier investment of £30m last year with Glenmont Clean Energy Europe Fund III will provide positive diversification of sustainable infrastructure assets across the UK, Europe and Globally. In addition, they have also transferred £600m of their fund into low carbon or fossil free funds over the last two years.