The Fund has expanded on its renewable energy investments by investing in BlackRock’s Global Renewable Power III fund.
The Fund has a longstanding partnership with BlackRock and shares BlackRock’s aim to commit to the global energy transition from two-thirds fossil fuels to two-thirds renewables by 2050.
The investment offers several benefits to the Fund including stable growth and income potential from investments in renewable power assets and other climate resources. The NESPF will join over 40 other investors which include Local Government Pension Scheme (LGPS) Funds, with close to 20% of the $1.5bn raised coming from the LGPS.
Graham Buntain, Investment Manager for the NESPF said: “We are delighted to have made this investment with BlackRock, our trusted and experienced partner in this sector. Demand for renewables continues to grow and this allocation produces both an attractive yield, whilst offering diversification benefits for our overall portfolio.
"It is important to all our stakeholders that not only do we pay pensions, but that we incorporate and embed ESG through everything we do, for the benefit of everyone.”
The move aligns with the Fund’s role of being a responsible long-term investor and demonstrating dedication to engage with environmental, social and governance (ESG) issues and to work with others to effect change on ESG issues.
For more information on the Fund’s investments click here.