Insurance giant Aviva has today revealed it is set to invest £50 million into venture capital funds focused on emerging technology that supports a more sustainable future. This follows Aviva’s commitment, announced earlier in 2021, to becoming a Net Zero carbon emissions company by 2040 – making it the first major insurance company in the world to do so.
Aviva’s new investment into funds with a specific sustainability focus will support its ambition to contribute to a sustainable economic recovery. The first investment is into the Clean Growth Fund, which was launched in 2020 and invests in promising early-stage UK clean technology companies with products and services focused on driving clean growth in the low carbon economy.
The fund has three key aims – to accelerate the commercialisation of clean growth technology, 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 including Indra, which manufactures and supplies smart electric vehicle chargers and tepeo which has invented a zero-emission boiler.
Commenting on the news, Aviva’s chief innovation officer Ben Luckett noted that the investment in new technology to support the global transition to net-zero will help Aviva meets its 2040 net-zero ambition. He added that Aviva had seen strong growth in sustainability-focused start-ups as consumers become more climate-conscious.
“Our investments will help build on our knowledge of this space and enable us to continue meeting our customers' changing needs,” he said. “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 at the Clean Growth Fund said Aviva’s investment is a “strong and welcome” strategic move and she noted that the insurer understands the importance of innovation in moving to a cleaner, greener economy. After the many pledges made at COP26 by governments and the private sector alike, now is the time to turn these pledges into action, she said, and investment in clean tech investments is essential to building commercialised and implementable solutions.
