Aviva, the UK’s leading insurer, today announces a commitment to invest £50m1 into venture capital funds focused on emerging technology which supports a more sustainable future.
The commitment follows Aviva’s announcement earlier this year to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. The new investments into funds with a specific sustainability focus will directly support Aviva’s strategic ambition to contribute to a sustainable economic recovery.
The first investment, announced today, is into the Clean Growth Fund. Launched in 2020, the Clean Growth Fund invests in promising 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, Chief Innovation Officer, Aviva plc:
"We’ve seen strong growth in sustainability focused start-ups as consumers become more climate conscious."
“We are investing in new technology which will support the global transition to net zero and help Aviva meet its 2040 net zero ambition. We’ve seen strong growth in sustainability focused start-ups as consumers become more climate conscious. Our investments will help build upon our knowledge of this space and enable us to continue meeting our customers’ changing needs.”
“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, Clean Growth Fund:
"Aviva understands the importance of innovation in turning the dial towards a cleaner, greener economy."
“Coming so soon after COP26 in Glasgow, Aviva’s investment in the Clean Growth Fund is a strong and welcome strategic move. Aviva understands the importance of innovation in turning the dial towards a cleaner, greener economy. 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.”
1Total commitment subject to foreign exchange movements. Investment made from shareholder assets.
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Notes to editors:
- We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
- We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 30 June 2023, total Group assets under management at Aviva Group were £358 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2023 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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