New Initiative Pledges Corporate Revenue for Clean Energy
The Point One initiative launched on Wednesday with 30 firms pledging 0.1% of revenue to clean energy. It aims to raise $200 million to attract more capital.
A new global initiative titled Point One has launched in the United Kingdom with the aim of financing renewable energy projects by asking companies to donate 0.1% of their annual revenue. The project, which debuted with 30 initial business participants, intends to raise at least $200 million by 2030. This seed capital is expected to draw in as much as $3 billion from institutional investors to support the global buildout of clean energy infrastructure.
Led by Ryan Kohn, the co-founder of food brand Proper Snacks, the first backers are small- and medium-sized firms which collectively make up more than 90% of companies and 50% of the global economy. By setting the revenue contribution at a low level, the initiative hopes more companies will sign on to the mission.
