Aviva launches €500m cleantech investment fund

Aviva has called for stock markets to force listed firms to disclose information on their green credentials

UK insurance giant Aviva has announced it is to launch a cleantech investment fund designed to plough up to €500m (£420m) into a range of renewable energy projects around the world.

The fund will be launched through Aviva Investors, the asset management arm of Aviva, the world's fifth largest insurer.

Aviva Investors chief executive Alain Dromer said that the new fund had been launched in response to growing demand for green investments from customers.

"These initiatives are important for our clients and to Aviva Investors as a responsible business," he said. "On behalf of our clients, who will be rewarded for sustainable market practices, we will constantly look for ways in which we can contribute to responsible investment around the world."

The fund will target biomass, biogas, geothermal, solar and wind projects and will be managed by SachsenFonds Group, a German renewable energy investment specialist. Investments are expected to range from €30m to €75m.

Dromer also lent his weight to growing calls for stock markets to require firms to provide information on their sustainability credentials alongside reports on their financial performance.

"I would like to see all stock market listing authorities make it a listing requirement that companies must evaluate the responsibility and sustainability of their business model, and either put a forward looking sustainability strategy to the vote at their AGM or explain why they were unable to do so," he said.