Nest Commits £5bn to Energy Transition Equity Fund
Nest, the UK's largest workplace pension scheme with over 12 million members, has committed £5bn to a global equity fund focused on energy transition themes. The fund, managed by Lombard Odier Investment Managers, will be actively managed over the next six years.
The fund's focus areas include climate change mitigation, adaptation, natural capital, and social trends for a thriving society. Nest, aiming to be net zero by 2050 with an interim target of a 30% reduction in Scope 1 and 2 emissions intensity by 2025, chose Lombard Odier for its dynamic approach to portfolio construction and robust sustainability research capabilities. Liz Fernando, CIO at Nest, praised the Swiss private bank's commitment to sustainability. Hubert Keller, the former head of Lombard Odier Investment Managers and current Senior Managing Partner of the Lombard Odier Group, signed the partnership agreement.
The fund is expected to benefit from Nest's scale, with 99% of its members invested in the default strategy. This commitment is a significant step towards Nest's sustainability goals and demonstrates the pension scheme's influence in driving change in the investment industry.
Nest's £5bn investment in the global equity fund, managed by Lombard Odier, signals a strong commitment to energy transition themes. This move aligns with Nest's net zero ambitions and highlights the pension scheme's role in promoting sustainable investing. The fund's focus areas are set to benefit from the growing demand for climate-friendly investments.
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