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28 Oct 2009 10:10:06

Pension funds urged to eco-invest

Pension funds urged to eco-invest
Funding for green projects should be supported by pension funds' investments, a minister has said.

Gareth Thomas, the international development minister, said that it is important to fund research into and the growth of low carbon technologies.

Speaking to a conference attended by representatives from the P8 group, Mr Thomas said that the pension industry "steward[s]" more than $3 trillion (£1.84 trillion).

He said that a portion of this amount should be used for ethical investments, such as financing green technologies.

"If some of that financing could be used for climate mitigation and adaptation investments, you could transform the planet's future," the minister said.

"This is not about corporate philanthropy, but rather about taking advantage of the new low carbon market opportunities and investing in the sustainable technologies of the future."

A recent report by the UN Environment Programme suggested that private investment is necessary to tackle the threat of climate change.



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