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PSEG invests in Energy Impact Partners funds to beat climate change

The funds target innovative tech in the battle against climate change

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  • Written by  Banking Exchange staff
PSEG invests in Energy Impact Partners funds to beat climate change

Global venture capital firm, Energy Impact Partners (EIP), has been handed a $35 million investment from Public Service Enterprise Group (PSEG).

The funds managed by the firm target early-stage technologies created to assist in combatting climate change.

According to PSEG, the investment it has made will help “accelerate the transition to net-zero greenhouse gas emissions”.

"PSEG is committed to addressing the causes and impacts of global climate change, but no one company can find all the solutions alone," PSEG chairman, president and CEO Ralph Izzo said.

"While we continue to focus on delivering safe, reliable, sustainable and increasingly cleaner power to our customers, this investment partnership allows us to support innovative research, technology and a variety of early-stage companies – including those run by or focused on the advancement of underrepresented people – that can help accelerate the transition to a clean energy future."

In April last year, Citi Bank partnered with Breakthrough Energy Catalyst, a program founded by Bill Gates, to help with the development of clean energy technologies.

Last week, S&P Global Ratings said global sustainable bond issuance is set to exceed $1.5 trillion in 2022, with sustainability-linked bonds expected to be the fastest-growing market segment.

At the start of the year, the firm acquired The Climate Service to offer its clients more “robust and comprehensive” climate data, models and analytics.

The deal meant S&P Global could add capabilities to its portfolio of ESG insights and solutions for its customers.

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