Foundation capital

Nuveen partners with the Shell Foundation for Climate Solutions

Nuveen is partnering with UK charity Shell Foundation to boost investment in climate solutions in emerging markets.

“We believe there is a lack of growth-stage capital in companies such as those the Shell Foundation has created, and in the markets in which they operate, and we are delighted to work collaboratively to fill this void,” said said Pete Murphy, head of impact and ESG at Nuveen, New York, in an email.

Nuveen manages over $1.3 trillion in assets worldwide. Its dedicated private equity impact strategy plans to invest at least $100 million over the next five years in transformative private companies serving climate-vulnerable communities in Africa and Asia. The goal is to increase energy access, mitigate climate change and build climate resilience, Nuveen said in a press release that credited Consilium Capital Ltd., a finance company with company dedicated to sustainable impact, for helping launch the pact.

In 2021, Shell Foundation research identified $200 billion in investment opportunities providing off-grid energy solutions in sub-Saharan Africa that will avoid 626 million tonnes of carbon emissions by 2030. The foundation had available £460 million ($625 million) in assets as of December 31 July 2020, the most recently reported figure.

Rekha Unnithan, co-head of private impact investing at Nuveen, New York, said her firm has for years admired the foundation’s efforts to bring commercial scale to climate solutions in emerging markets and has worked directly with some of the foundation’s portfolio companies.

The new partnership “will provide us with a platform to … work more thoughtfully and effectively to deploy capital into leading companies that … provide valuable products and services to consumers in emerging markets,” Ms Unnithan said. in the press release.

The partnership “will catalyze entire markets to achieve the (UN) Sustainable Development Goals and positively impact millions of lives,” said Ashish Kumar, head of climate and innovation at the Shell Foundation, London. , in the press release.