Infranode, an infrastructure manager with a strong local presence in the Nordics, is a good example of a manager with a genuine long-term view. Infranode invests in essential infrastructure in the Nordic region within energy, transport, digital infrastructure and social infrastructure through closed-end funds with a horizon of 25 years. Since 2014, it has invested in projects including district heating assets in Norway and Finland, large solar parks in Denmark, container ports in Sweden and Norway, solar and geothermal energy solutions for real estate in Sweden, and schools and preschools in Norway.

Asper, a London-based infrastructure manager, offers an interesting approach. It launched a managed co-investment partnership that invests in the development, construction and operation of sustainable district heating networks in the Netherlands. This is an attractive opportunity given the current low penetration of district heating networks in the Dutch market and the need for alternatives to gas as the main heat source for residential buildings. Asper partnered with an experienced developer in the Netherlands and secured a pipeline requiring over €500 million of capital in 12 projects across the country.

Climate Investor One is a blended finance facility investing in renewable energy infrastructure projects in emerging markets. It focuses on onshore and near-shore wind, solar PV and run-of-river hydroelectricity. Climate Investor One offers financing for the entire lifecycle of a project, from design to construction and into operations, through to post-construction refinancing. The strategy is unique as it allows public funding to de-risk the development phase of renewable projects, which typically cannot be financed by private sector investors. Public sector donors also play a key role in mobilising private sector capital during the construction stage of projects where risks are better understood and attractive financial returns can be achieved.

Osmosis Resource Efficient Core Equity Fund focuses on companies that are efficient in their use of resources (water, waste and energy), while excluding the heaviest polluters. It is one of multiple investment funds in our listed equity portfolio that reduce or exclude carbon-intensive stocks.

Ninety One Global Environment is an example of a fund that focuses on sustainable solutions. It invests in companies that operate in segments that contribute or generate positive environmental impact, such as renewable energy and electric transportation.

Just Climate is an example of this high-impact investment approach. Its mission is to work in partnership to limit global temperature rise to 1.5⁰C by directing and scaling capital towards the most impactful climate solutions. It focuses especially on sectors that are often too capital-intensive or ignored for other reasons by institutional investors. For Just Climate, climate-led investing is an approach that aims to catalyse timely positive climate impact at scale, while delivering appropriate risk-adjusted returns.