Avoid

To avoid emissions, our focus is on investments in low-carbon infrastructure. Our investment themes are energy transition, sustainable transport, digital and social infrastructure. The overall objective is not only to avoid emissions, but also target attractive returns from growing sectors with strong market demand.

Energy transition

In order to transition to a low carbon economy, investment into energy infrastructure is needed both to increase the supply of renewable energy and to facilitate effective distribution via responsive grid networks.

Innovo

98MW of new RtB renewable energy capacity achieved since investment.

In 2023, the Fund committed an initial €47.5m investment into Innovo, a fully integrated and diversified pan-European renewable energy platform, across Solar, Battery and Wind, and followed up with a subsequent €30m commitment in December 2024. The investment supports the company’s ambition to develop 4.6GWp of renewable energy projects across Italy, the UK and Spain. Since investment, Innovo have achieved 98MW of new Ready to Build (RtB) renewable energy capacity, as well as the creation of 19 new job starts and 7 apprenticeships in 2024.

As part of the technical due diligence, a Net Zero Audit was conducted which identified several recommendations to improve the company’s sustainability strategy and corporate governance. These included development of corporate policies and monitoring and reporting of company GHG emissions.

Since investment, additional corporate policies have been developed and adopted at Aviva’s request. Innovo have also begun monitoring and reporting their ESG emissions with support from Aviva’s sustainable investing team and our external reporting partners.

Sustainable transport

Transport-related carbon emissions, particularly from road vehicles, are a major contributor to climate change. Through investments in EV-charging point operators (CPOs), we aim to contribute to the transition away from internal-combustion-engine (ICE) vehicles and enable the roll-out of EVs.

Connected Kerb

This investment is crucial for supporting the Government’s target of 300,000 chargers by 2030.

The Fund has committed over £50 million to Connected Kerb to support the installation of 40,000 on-street EV chargers. This investment aims to revolutionise access to EV charging for millions of drivers without off-street parking, and is backed by the UK Government’s LEVI Fund, which supports local authorities in funding on-street EV charging projects. As of Q4 2024 Connected Kerb is the UK’s 2^nd largest EV Charging Network, with over 9,000 installed charging points to date.

This multi-million-pound investment into UK public charging infrastructure will significantly contribute to the Government’s plan, ensuring that more drivers have access to convenient and reliable EV charging options, regardless of their living arrangements.

Since investment, Connected Kerb have enhanced their internal ESG governance through the appointment of a dedicated ESG manager as well as the adoption of additional policies and procedures.

EasyGo

Over 6 million kWh electric vehicle charging achieved in 2024

In 2023, the Fund completed a €30 million investment into EasyGo Charging Limited to expand its EV charging business across the island of Ireland. The company aims to install and operate over 3,000 fast DC chargers across the UK and Ireland’s national charging network by 2032, as well as installing 20,000 commercial AC chargers across commercial buildings, hotels and apartments. In 2024 over 6m kWh of electric vehicle charging was achieved via EasyGo charging points.

Since investment, the company has appointed a dedicated ESG manager at Aviva’s request. Aviva has also supported EasyGo in the development and implementation of its carbon emissions reporting. A scoping exercise was completed to determine applicable scopes and categories, data collection procedures were then agreed. Aviva’s reporting partner calculates the carbon emissions on behalf of EasyGo, which are reported an annual basis. The emissions report is used to both gain a better understanding of emissions and reduction opportunities as well as for inclusion in bids by the company for new business opportunities.

Digital infrastructure

Here our focus is on sectors that enable the transition to a low-carbon economy, supporting the data needs of smart cities and buildings, including data centres and telecom towers. Our investment in fibre broadband should support high-speed internet connectivity, facilitating remote work and thus reducing the need for commuting; this in turn should help lower emissions from transportation.

ITS, Truespeed and County

170,000+ premises passed and 39,000+ connected customers since investment

The Fund has made three investments into leading fibre connectivity providers in the UK market. Truespeed and County build and operate full fibre networks in market-towns and rural communities in West and East England, while ITS is focused on the B2B market nationwide.

Our ongoing engagement with our digital connectivity portfolio companies has focused on procuring 100% of energy from renewable sources, and early engagement with the contractor supply chain to minimise construction emissions.

In line with the company’s community ethos, Truespeed offer free broadband for community hubs within the neighbourhoods that they serve. Over 150 hubs have been connected for free to date.

ITS is benefiting local communities by providing free access to full fibre broadband connection for selected Community Hubs in the Merseyside area, supporting skills and employment programmes such as Learn to Work through St Helen’s Chamber, partnering with local charities and volunteering with Career Connect Give an Hour.