Barclays has announced that it will continue to invest in 'green tech' and raise its Sustainable Impact Capital investment fund from £170 million by 2025, to £500 million by 2027.

Barclays has so far invested £84 million from is fund into start-ups, with a focus on innovations including long-duration energy storage and hydrogen technologies.

The success of the investments to date means an increase in the investment mandate to £500 million is required to allow the bank to continue existing efforts and support new investments, the bank said.

Barclays added that the next phase of investments will see more focus on decarbonisation technologies that are enabling transition within carbon intensive sectors, particularly in areas such as energy and power, real estate and transport.

Commenting on its strategy to capture the opportunities from the transition to a low-carbon economy, C.S. Venkatakrishnan, Barclays’ group chief executive said: “Facilitating financing for high-emitting sectors to adapt, to our own equity investments in climate-tech start-ups, to our support for customers and small businesses, Barclays’ diverse ecosystem has the capability and expertise to accelerate the transition across all aspects of the economies that we serve.”

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