GA group of European investors and philanthropists has launched a new ‘climate endowment’, which they hope will assist large institutional investors to put more capital into renewable energy and cleantech assets.
The endowment, which will be launched in Berlin in autumn 2019, is targeting between €20-40 billion (US$23-45 billion) in assets from public and private sources, and aims to create a vehicle through which traditionally conservative pension funds can gain access to new technologies and sustainable business models. When launched, it will focus on illiquid investments in “champions of the green revolution”, across a broad range of sectors.
“The shifting tide of public opinion on climate protection has reached a critical mass – the recent EU elections, as well as unprecedented ‘Friday for Future’ protests, has signalled a clear demand for a green revolution”, said Jochen Wermuth, founder of Wermuth Asset Management GmbH and initiator of the Climate Endowment. “I believe there has never been a better time than now for the investment community to step forward and initiate this change.”