A group of major investors, representing over £400 bn(1) in funds under management, has today written to the UK Prime Minister, as Chair of this week’s London Summit, supporting a strong ‘green’ element in programmes of fiscal stimulus undertaken by governments.
The investors’ intervention follows President Obama’s announcement of a stimulus package containing major investments in low-carbon energy and energy efficiency and echoes calls for ‘green new deal’ by others such as the UN’s Environment Programme and Lord Stern, the former head of the UK Government Economics Service.
Paul Abberley, Chief Executive, Aviva Investors London, one of the ten senior executives signing the letter, said: “Green investment isn’t only for governments. Many private investors also want the opportunity to invest in green projects such as low-carbon energy and energy efficiency. This requires the right kind of policies and appropriate financial instruments. We are keen to keep talking to governments about how private sector investment can be mobilised to help make the recovery from this economic crisis a sustainable one.“
The initiative was convened by UKSIF, the sustainable investment and finance association, and the UK-based business-led think tank, Tomorrow’s Company.
(1) As of December 31st 2008