GULF Invests THB2.7 Billion in Green Fund

Published on: 11 August 2022
by KnowESG
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Gulf Energy Development Public Company Limited (GULF) said that its wholly-owned subsidiary, Gulf International Investment (Hong Kong) Limited (Gulf HK), signed an agreement to invest EUR 75 million (about THB 2.7 billion) in the Lightrock Climate Impact Fund SCSp (LCI Fund).

The LCI Fund focuses on ESG-aligned investments and has a ten-year fund life and a five-year investment period during which capital calls will be made gradually.

Ms. Yupapin Wangviwat, GULF's Chief Financial Officer, stated: 

“LCI fund targets to invest in European-focused innovative and fast-growing companies that deliver measurable greenhouse gas impact, since Europe has allocated massive funds with concrete plans for investment in the energy transition from fossil fuels to clean alternatives. 

"This is in line with GULF’s objective to focus on investments in renewable energy-related businesses and climate management, under the global target to achieve net zero emissions by 2050. 

"Furthermore, this investment demonstrates GULF’s commitment towards environmental and social responsibility while achieving good financial returns.”

The LCI Fund is advised by Lightrock, which was established by the Princely House of Liechtenstein and is supported by LGT Group, a premier private banking and asset management firm.

The LCI Fund invests in ESG-aligned themes such as Energy Transition, which includes renewable energy, battery storage, and energy efficiency; Decarbonising Industries, which includes carbon capture and storage, and green industrial processes; Sustainable Transportation; Sustainable Food and Agriculture; and Enabling Technologies and Solutions, which includes advisory services for developing emission reduction projects.

The investment seeks to implement Thailand's strategy of being carbon neutral by 2050 and achieving net zero greenhouse gas emissions by 2065, as promised by Prime Minister Prayut Chan-o-cha at COP26 in November 2021.

Source: The Nation

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