Mon Sep 17, 2007 1:00pm BST
LONDON (Reuters) - F&C Asset Management launched a climate change fund on Monday, the latest in a string of such funds aimed at cashing in on the growth of companies that cut greenhouse gas emissions.
Rising emissions of carbon dioxide, produced by burning fossil fuels like coal and oil, are widely blamed for contributing to global warming and have prompted a hunt for alternative sources of energy.
For example, driven by widespread government support and subsidies, global installed solar power is projected to grow at 30 percent per year, biofuels at 20 percent and wind energy capacity at over 10, some analysts say, potentially generating big investment opportunities.
The F&C fund will invest in companies that are developing products to cut greenhouse gas emissions or that will help the economy adapt to climate change, which is already happening.
"Climate change is going to have a revolutionary impact on the global economy and our new fund will offer investors significant growth potential by picking companies who harness the opportunities from this change", said Sophie Horsfall, the fund's co-manager.
Earlier this month London-based Climate Change Capital closed a 200 million euros fund raising focused on clean energy companies, while Swiss-based RMF Investment Management launched a fund to invest in hedge funds specialising in environmental industries.
F&C has 101 billion pounds worth of assets under management. F&C has seeded the new fund with 10 million pounds of its own money.
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