UK Money News
7th May 2008
Norwich Union ethical fund bars investment in biofuels
Ethical funds managed by Norwich Union will continue to shun large-scale investment in biofuels, it has been announced.
Peter Michaelis, manager of the Norwich Unions UK ethical fund, confirmed that the company has no plans to increase its investment in the area amid reports that they are linked to the global food crisis and that forests are being cleared to enable crops to be grown for use as an alternative fuel source.
Mr Michaelis told citywire.co.uk "Biofuels were once hailed as an answer to both climate change and ethical security but it has become clear that they are not without their problems
"For the time being, we are focusing our investment activity on other areas providing solutions to climate change, such as wind, solar, fuel cells, and technology for energy efficiency.
He added: "The majority of biofuels are screened out of the Norwich Union Sustainable Future funds, with the exception of those that have a significant positive energy balance or that use waste as their raw material."
Norwich Union recently announced plans to change its name to Aviva.
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