Developments in and around the ESG investment space.

US insurance giant MassMutual has struck a deal with UK-based asset manager Low Carbon to target the goal of providing up to 20GWs of renewable energy by 2030 through investing in large-scale renewable projects across multiple markets. 

The recent valuable face time for financiers in Glasgow over the past two weeks is likely to stimulate a flurry of similar green financing courtships. 

MassMutual will take a 25 per cent stake in Low Carbon, with plans to raise this to 49 per cent, subject to approvals. The US firm, which manages around $222 billion for clients, will also take two board seats in a deal that marks its first renewable energy partnership in Europe. The companies say that reaching 20GWs capacity will avoid emitting 11 million tons of CO2.

MassMutual CEO Roger Crandall said the firm is “deeply committed” to minimising its environmental impact. “Our partnership with Low Carbon will accelerate our efforts in this area, as we share a common belief that by investing in large scale renewable energy projects, we can play an important part in achieving a global net zero economy.”

The Exeter-based B Corp, Low Carbon, was founded 10 years ago. It focuses on investing in renewables including solar, storage, onshore and offshore wind, waste, and energy technologies.