Generating clean power for future cities
In the next 10 years we will transform our cities in response to the challenges and risks of climate change. At Legal & General we have an integral role to play in helping our cities and communities adapt to these changing dynamics. Our focus is to invest in an energy system that can sustainably accommodate the needs of our society.
Increasing investment in renewable energy
We have invested in three offshore wind farms off the coast of the UK with the capacity to provide power for millions of homes. This includes £370 million in the Hornsea Project One, located off the Yorkshire coast, in the North Sea. Once completed it will be the world’s largest offshore wind farm with 174 turbines. We’ve also invested in the Walney Extension, which is in the Irish Sea off the coast of Cumbria, and the Dudgeon Offshore Wind Farm off the east coast of England.
homes could be powered by the three offshore wind farms we have invested in.
Supporting renewable energy funds
We have been a cornerstone investor in renewable energy funds run by Irish sustainable infrastructure firm NTR. The funds aim to use institutional finance such as pension funds to construct and operate renewable power plants in the UK and across Europe. Our capital is delivering new and additional clean energy capacity that will both benefit the environment and provide income for pension savers.
We’ve invested more than £1 billion in renewable energy infrastructure so far, from wind farms to solar energy and electric vehicle charging points
“We must break our reliance on fossil fuels, with all their associated impact on our environment and also our health.”
more effective at absorbing the sun's energy, Oxford PV’s perovskite technology is revolutionising solar power.
Our technology should make it feasible to produce cheaper electricity on every rooftop in a city.”
Developing fusion technology
We have invested in Tokamak Energy, an Oxfordshire-based company that is aiming to bring fusion energy to the market by 2030. Fusion – the energy source that powers the sun – could produce clean energy here on Earth. Tokamak is developing a compact fusion device that could be safely deployed close to cities with large demand for energy. The company grew out of Culham Laboratory in Oxfordshire, the world’s leading centre for magnetic fusion energy research.
could see the first demonstration fusion-generated electricity delivered into the National Grid by Tokamak Energy.
“We need to adapt, repurpose and rethink our energy system, putting it at the heart of our sustainable cities.”
Charging electric vehicles
We believe that electric vehicles will play an integral part in creating a clean environment and transforming the UK’s transport system. The second half of 2019 saw a huge increase in the sale of electric vehicles in the UK and we expect this trend to continue through 2020. Estimates suggest there could be 11 million electric vehicles by 2030 and 36 million by 2040. Because the availability of charging points to support this growth will be critical, in 2019 we provided capital to support Pod Point, one of the country’s leading charging point operators. They will deliver more charging infrastructure across the UK.
public charging points have been installed by Pod Point at places like Tesco, Lidl and Chester Zoo.