Over 10 years ago, I took my first steps in the world of environmental investment. When I helped create WHEB Group in 2002, the sector had several salient features. It was viewed as niche and risky – with investment largely limited to private capital – yet seemed to be supported by a good overall investment picture. Oil prices were high and there was broad international agreement over the need to decarbonise. This political consensus was supported by an apparently healthy fiscal position among Western governments.

Our business case was that a combination of rising resource prices, technology ...


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