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Australian super fund puts billions into backing Britain’s energy transition
(The Guardian, 26 Nov 2023) Business and environmental groups urge Labor to supercharge incentives to lure capital.
The behemoth Australian fund IFM Investors will sink £10bn (A$19bn) into infrastructure and energy transition projects in Britain by 2027 as part of a new memorandum of understanding with the Sunak government.
The decision by IFM – which is owned by 17 Australian industry super funds – comes as a coalition of business and environmental groups calls on the Albanese government to supercharge tax and other financial incentives to ensure Australia can attract sufficient capital to drive the domestic transition to net zero emissions.
The MoU between IFM Investors and Britain’s minister for investment will be signed at the Global Investment Summit in London. Kemi Badenoch, the UK’s business and trade secretary, characterised the commitment from IFM as “a very important investment for the UK’s innovative energy and infrastructure sectors”.
IFM, which has approximately A$217bn under management as at 30 June 2023, says there are significant investment opportunities in Britain’s energy transition because the country is providing a favourable investment climate.
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