By Maitane Sardon
M&G PLC has invested in two private carbon capture and storage companies as part of its plan to reduce carbon dioxide emissions from its investment portfolio to net zero by 2050.
The savings and investment firm said on Tuesday it made the investments through its asset management division on behalf of its Prudential with-profits fund, which manages £ 143 billion (195.57 billion dollars) of assets for five million policyholders.
The FTSE 100-listed company said it has invested in Storegga Geotechnologies Ltd., a London-based company that develops carbon reduction and elimination projects. He said Storegga is the lead developer of the Acorn Carbon and Hydrogen Capture and Storage Project in North East Scotland, which will capture carbon dioxide from Scottish industrial operations and store it below the seabed. sailor using offshore pipelines. The project is expected to be operational in the mid-2020s and could store more than 20 million metric tonnes of CO2 per year during its first decade of operation.
M&G said the second investment was in Summit Carbon Solutions, which is working on installing equipment to suck carbon dioxide from industrial sites and is developing a network of infrastructure to capture and store around 10 million tonnes of CO2 per year.
“Carbon capture and storage appears to be a responsible and pragmatic solution in the fight against global warming,” said Jack Daniels, Director of Investments at M&G PLC. He said the projects would help reduce the carbon footprint of industrial companies.
M&G did not disclose how much it invested in each company.
Write to Maitane Sardon at [email protected]