The UK’s largest local government pension scheme (LGPS) pool, Border to Coast, has raised a further £1.2 billion (US$1.52 billion) to invest in global climate solutions that aim to “turn the tide” on climate change, and support its ambitions to reach net zero carbon emissions. Based in Leeds and co-owned by 11 LGPS partner funds, Border to Coast counts over a million members and directly manages £40.3 billion in assets. The latest commitments take the total size of its Climate Opportunities portfolio to £2.6 billion, building on the £1.4 billion already invested since launch in 2022. With the new funding, Border to Coast will target investments in renewable energy, battery storage, electric vehicles and carbon capture projects, as well as in sustainable food production and low-carbon cement and steel production. “The need for the development of technology and infrastructure to support the transition to net zero marks a significant investment opportunity,” said Joe McDonnell, Chief Investment Officer at Border to Coast. “Capital markets need to play a critical role in meeting the challenge of decarbonisation by providing funding to support the development of climate solutions.” The Climate Opportunities portfolio forms part of Border to Coast’s wider private markets programme, which now totals £16 billion in commitments from LGPS partner funds – of which approximately £12 billion have been deployed. The programme also includes the asset owner’s UK Opportunities proposition, which has raised £0.5 billion since launch in April 2024 and targets new-build housing, commercial properties, regeneration projects, renewable energy development and grid infrastructure in the UK.
