Cornwall Pension Fund is to invest in affordable housing and renewable energy in Cornwall, as well as global stocks and shares.

At its meeting on October 21, the Pensions Committee approved a proposal to allocate £65m to affordable housing in Cornwall, as well as £50m to UK renewable energy income - £25m of which will be in Cornwall.

The fund says these investments will be delivered through the Brunel Pension Partnership in line with the decision that such investments will be through regulated investment funds.

This follows the decision made earlier this year as part of its 2021 Annual Investment Strategy review, where the Cornwall Pension Fund created a 5% allocation to a Social Impact Portfolio.

Cllr Jayne Kirkham, the Chair of the Cornwall Pension Fund, said: "this is an exciting outcome and really good for both the Fund and Cornwall.

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"The final details can now be developed with Brunel over the next month and I look forward to being able to make further announcements at the December Pensions Committee meeting."

Deputy Leader of the Council David Harris, who commented on the decision made by the pension fund, said: "This decision means that there is now the opportunity to invest in our Duchy as well as global stocks and shares."

The high-level brief for the Social Impact Portfolio, is to look at investment opportunities in Cornwall, in addition to wider regional, national, and potentially international opportunities, with investments defined by alignment to the United Nations Sustainable Development Goals (“UNSDGs”).

The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere.