HSBC UK Pensions Scheme is to invest £250m into UK solar parks and wind farms as some of the country’s biggest business names pledged action to tackle climate change during the government’s Green GB & NI Week.
The bank’s transactions, which it claims will generate enough power for the population of Oxford, will be managed by specialist renewables investor Greencoat Capital.
HSBC UK Pensions Scheme trustee board chairman Russell Picot said: “Renewable energy infrastructure can provide attractive risk adjusted returns for investors seeking predictable cash flows derived from real assets over the long term.”
Around 30 companies are announcing green measures as part of Green GB Week including Amazon, which has signed a deal to power its UK buildings with 100% renewable energy.
The internet giant also plans to deploy up to 20MW of large-scale rooftop solar systems on 10 of its fulfilment centres in the UK over the coming 18 months.
Retail giant John Lewis is to turn its 500-strong fleet of delivery trucks (pictured) into bio-methane clean machines by 2028, cutting emissions by over 80%.
EDF Energy, the UK’s largest producer of low-carbon electricity, has committed to electrifying their own fleet of around 1500 vehicles by 2030.
Other companies to make climate change pledges included Admiral, Barratt Homes, Coca-Cola London Eye, Deloitte, Hargreaves Lansdown, KPMG, Lidl and Tesco.
Energy and Clean Growth Minister Claire Perry added: “I am calling on all businesses to take action to mark our first ever Green GB Week.
“Whether it is getting rid of plastic cups or installing solar panels – everyone’s business can play their part.”