Aberdeen Standard Investments (ASI) said it has invested £50 million on behalf of its strategic partner Phoenix Group in Black Sea Trade and Development Bank supporting the implementation of its climate change strategy.

The money will be used for projects financed directly, or through financial intermediaries, that will target lower carbon and efficient energy generation, renewable energy, energy efficiency in industries and buildings, sustainable agricultural practices, waste and wastewater treatment that reduce GHG, and green transport systems.

“The bank supports economic development and regional co-operation in the Black Sea region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities,” said ASI.

“It’s climate change strategy defines a more purposeful role for the bank in supporting its shareholders in both mitigating and coping with the impacts of climate change mainly by shifting the financing priorities to more climate positive operations and increasing climate co-benefit potential in its operations.”

Gillian Day, Head of Private Placements at Phoenix Group, said: “The Black Sea Trade and Development Bank is financing critical work with environmental and climate benefits across the region and we are pleased to have invested £50 million which will be used to accelerate this.

“Sustainability is embedded within the core of our decision-making and we will continue to seek investment opportunities that tackle this issue.”

Cedric Rozier, Investment Director – Private Debt at Aberdeen Standard Investments, said: “We are delighted to be able to help the bank advance its climate change strategy.

“Environmental, social and governance (ESG) considerations have been an integral part of our investment process for almost 30 years.

“These investments demonstrate our continuing commitment to ESG considerations, whilst aiming to provide uncorrelated cash flows for our clients with yields not available in public bonds of similar credit quality.”