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PensionDanmark, PKA commit to DKK1.2bn climate investment fund

first_imgTorben Möger Pedersen, chief executive at PensionDanmark, hailed the fund as “a brand new type of public-private partnership”, allowing government and pension assets to make the most of Danish companies’ experience in the energy sector.The commitment follows a similar government-backed project that saw Danish funds provide export credit to foreign companies investing in domestic manufacturing.Discussing the provider’s DKK200m commitment, Möger Pedersen said: “We are expecting the Danish Climate Investment Fund to deliver solid returns to our members in the coming years, while serving to boost the standing of Danish companies in the new growth markets.”Healthcare pension provider PKA also committed DKK200m in capital, while PBU invested DKK125m.PensionDanmark’s Möger Pedersen will sit on the fund’s investment committee alongside PKA managing director Peter Damgaard Jensen.The climate fund, which the IFU said was expected to grow a further DKK200bn in size after its second close, will invest in technologies aimed at reducing greenhouse emissions in all countries included in the OECD’s Development Assistance Committee.To that end, projects to be considered include solar, hydro and wind power plants, as well as urban transport construction, biogas plants and projects that can improve energy efficiency, thereby cutting emissions by at least 20%.“Furthermore, the Danish Climate Investment Fund will invest in projects with the purpose of adjusting to climate change – for example, disaster preparedness, coastal management and climate change information,” the IFU said in a statement.It added, however, that it would not consider investment in any energy projects that produce carbon, nor in any carbon capture or storage facilities.The IFU will act as fund manager for the four-year investment lifespan, with projects then divested.It said it expected annual returns of 12%. Two of Denmark’s largest pension providers have committed launch capital to a DKK1.2bn (€160m) fund investing in renewable energy projects in emerging economies.The Danish Climate Investment Fund, launched by the country’s investment fund for developing countries (IFU), has attracted commitments from the DKK200bn PKA, DKK150bn PensionDanmark and Pædagogernes Pensionskasse (PBU), the DKK50bn fund for kindergarten and nursery teachers.The remaining DKK675bn has been supplied by the IFU, the Danish government and Dansk Vækstkapital – a DKK4.8bn venture capital fund launched jointly in 2011 by the government, ATP and LD Pension.The fund requires a Danish co-investor for all projects, allowing local companies to benefit from the investment.last_img read more

Fourth of July Fashion Sticks Out At Thunder Bay Maritime Festival

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisAlpena — Thousands gathered on the Thunder Bay River Wednesday afternoon to enjoy the festivities of the Thunder Bay Maritime Festival.Not only were people dressed up for the holiday, they went all out. Overalls, hats, patriotic shirts, and plenty of American garb could easily be picked out throughout the day. Even cardboard boat regatta racers dressed in theme to show their pride for the red, white, and blue. The love for the colors was evident at every turn.“It gives everybody the chance to go out and support,” said Festival Goer Joe Tews. “I mean for Halloween, it’s kind of expected but the Fourth of July, that’s where the real dressing up happens.”The patriotism shown by the festival goers was second to none. Director of Friends of Thunder Bay National Marine Sanctuary, Katie Wolf, said this was one of the most colorful years in recent history. The Maritime Festival has been taking place for 18 years. Helicopter rides, whitefish sandwiches, live music, and cardboard boat races are at the epicenter of this celebration. Now, folks can add patriotic dress to that list.“There’s a lot of people who are going more out this year,” said Festival Goer Garret Schmidt. “It’s just nice seeing people get into the patriotic spirit.”AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Fireworks Light Up The Shores of Lake Huron On The Fourth of JulyNext What’s Trending for July 4last_img read more