LatestUK Teams Up with World Economic Forum for Climate Research

UK Teams Up with World Economic Forum for Climate Research

On Wednesday, Greensphere Capital announced that the UK Infrastructure Bank (UKIB) has supported its inaugural fund, which aims to commercialize climate research at the nation’s best bioscience and environmental science institutions.

The action, which comes after an agreement at a U.N. meeting in 2022 to preserve nature and allocate billions of dollars to climate research, tries to strengthen the government’s green credentials even as it retreats on other environmental commitments.

The Gaia Sciences Innovation fund has received a commitment of 50 million pounds ($64 million) from the UKIB, provided that it secures a commensurate sum from other investors.

The Greensphere team has contributed 1.3 million pounds, while Frank Mars, an executive member of the privately held food company, has donated 15 million pounds. The fund’s objective is 100 million pounds, with a hard cap of 150 million pounds, according to the statement.

In addition, Mars will lead the fund’s advisory group, which will search for companies to launch, grow, or expand as a means of combating biodiversity loss and climate change.

The fund will prioritize the climate research of four thousand scientists, researchers, and environmentalists from various institutions such as the UK Centre for Ecology & Hydrology, the University of York, the conservation organization ZSL, and the Royal Botanical Gardens, Kew.

“For this industry to fulfil its potential in the UK, we must increase investment in it. This agreement will be beneficial, according to UKIB Chief Executive John Flint, as the cash will attract further investors and foster innovation and skill development.

As a formal component of UKIB’s mandate, a large portion of the investment will go toward supporting regional growth in Britain.

“I frequently receive proposals for ‘unique’ opportunities. Ideas on their own are not too difficult. According to my observations, the difficult part of the invention is working with others to make it happen “Frank Mars stated.

The World Economic Forum estimates that over half of the world’s economic production, or $44 trillion, is moderately or strongly dependent on nature and its services.

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