Aviva has announced a commitment to invest £50m into venture capital funds focused on emerging technology to support a “more sustainable future”.
The commitment follows Aviva’s announcement earlier this year to become a Net Zero carbon emissions company by 2040. Aviva said the new investments into funds will directly support its ambition to contribute to a sustainable economic recovery.
The first investment is into the Clean Growth Fund which invests in early-stage UK clean technology companies, with products and services focussed on driving clean growth in the low carbon economy.
It aims to accelerate the commercialisation of clean growth technologies, create new employment opportunities across the UK, and contribute to the UK’s efforts to deliver net zero by 2050.
The fund has invested in companies such as Indra, which manufactures and supplies smart electric vehicle chargers, and tepeo, which invented a zero-emission boiler.
Ben Luckett, Aviva’s chief innovation officer, said Aviva has seen “strong growth” in sustainability focused start-ups as consumers become more climate conscious, and the investments will enable the insurance company to meet its customers’ changing needs.
He added: “We are excited to work with the Clean Growth Fund, an organisation which will help accelerate the UK’s transition to net zero through responsible investment in early-stage green technologies.”
Beverley Gower-Jones, managing partner for Clean Growth Fund, said: “There were many pledges made at COP26 by both governments and the private sector. Now is the time to turn these pledges into action.
“Directing capital into clean tech investments is an absolute necessity if the world is going to have the commercialised and implementable solutions it needs to address climate change and align with Net Zero.”