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Pension funds target low carbon investment

2010

Two groups representing some of the largest pension funds in the world are set to agree a $10billion-per-year investment in an Asian fund for renewable energy.

The P8, a group of the world’s biggest pension funds brought together by the UK’s Prince of Wales, will meet with a group of 80 Asian funds in Korea, to hammer out the details of the planned fund which will invest in low-carbon energy projects in Asia.

Pension funds including the Dutch ABP, CalPERS and CalSTRS, the two largest pension funds in the US, and the UK Universities Superannuation Scheme, will meet other funds in Seoul next month.

Aled Jones, a facilitator for the P8, has said the initiative is already working with the Asian Development Bank, the International Finance Corporation and the UK government. He added: ‘We’ll be bringing together probably around 20-30 Asian pension funds and some of the corporate banks to talk about a big institutional response. We hope to get close to launching something at that event that looks like a fund that tests the barriers that are out there.’

The P8, which is now a group of 12 funds controlling $3trillion, has not yet indicated which of its own members will be contributing capital to the new fund.



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