The Barclays Sustainable Impact Capital investment mandate has co-led a £36 million investment into GeoPura, the green energy provider, alongside carmaker General Motors’ investment arm.

The funds will go towards scaling GeoPura’s green hydrogen business, which aligns with Barclays’ broader aims in supporting a range of industries in a “timely transition to net-zero”.

James Ferrier, director, principal investments, Barclays Sustainable Impact Capital said: “Establishing tailored methods of off-grid green energy generation such as GeoPura’s Hydrogen Power Unit technology will be crucial for the decarbonisation of these industries, and we are excited to support GeoPura as they begin to scale.”

Barclays recently announced that its sustainable investment mandate would increase from £175 million by 2025 to £500 million by 2027, with the group having invested around £84 million into climate-focused tech startups in the past two and a half years.

At the time, Barclays said the success of its investments to date meant an increase in the investment mandate to £500 million was required to allow it to continue existing efforts and support new investments.

The news follows a report by Reclaim Finance which found some of world's largest lenders have joined the Glasgow Financial Alliance for Net Zero (GFANZ) but are still pouring money into businesses that heavily produce greenhouse gases.

Since joining the alliance, the research found that 56 of the biggest banks in the alliance had provided $270 billion to 102 major fossil fuel expanders.

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