Sky to support £100m Planet Fund for sustainability innovations

Sky has announced its support for a new £100m venture capital fund aimed at supporting innovative brands and projects that respond to the climate crisis, including decarbonisation, resource preservation, climate resilience and the circular economy.

Sky to support £100m Planet Fund for sustainability innovations

Sky plans to integrate move Sky Ocean Ventures - and the 25 start-ups it has invested in since its launch in 2018 - into the Planet Fund

Sky will support Founders Factor’s new £100m Planet Fund, which supports early-stage entrepreneurs that are launching initiatives focused on improving the health of the planet.

The fund will focus on projects that cover decarbonisation, resource efficiency and preservation, closed-loop systems and climate resiliency.

Sky plans to integrate move Sky Ocean Venturesand the 25 start-ups it has invested in since its launch in 2018 – into the Planet Fund.

Sky’s group chief marketing, corporate affairs and people officer Debbie Klein, said: “We are delighted to partner with the Founders Factory who are the perfect fit to take forward our work investing in businesses that will accelerate climate technologies and deliver a cleaner, safer future and more sustainable behaviours.

“We look forward to the impact that this new fund  will have for early-stage climate tech entrepreneurs.”

Planet Fund has introduced an advisory board to help steer investment decisions and support start-ups alongside Sky. This advisory board includes chairman Sir Ian Cheshire, and prominent climate scientists Professor Richard Templer and Professor Cameron Hepburn. The investment team will also be supported by Ovo Energy, Mindful Chef and Zero Avia.

Sky announced its net-zero target in early 2020 and chief executive Jeremy Darroch has told edie that the business will need to make “significant changes” to meet the ambition.

Changes include converting all of Sky’s 5,000 owned and operated vehicles to electric through The Climate Group’s EV100 scheme and increasing investments in verified carbon offsetting schemes.

Since announcing the net-zero target, Sky signed on as a principal partner for COP26 – the highest level of corporate sponsorship for the event in Glasgow. It has also updated its sustainable broadcasting standards, joined BAFTA’s climate coalition for news producers and launched a dedicated daily news show on the climate crisis.

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