Major UK utility Centrica has made an expensive demonstration of its support for green energy projects by injecting a considerable sum into a UK-developed clean energy fund.

The British Gas owner’s investment, in conjunction with similar moves form two major Dutch pension funds, has rapidly turned UK investment bank Climate Change Capital’s new green energy fund into a global sector leader.

The new fund, the second from Climate Change Capital, has now amassed a value of GBP450 million in just a quarter of a year, making it the second largest fund for investment in environmentally friendly forms of energy generation in the world.

The UK investment bank is believed to be targeting a total GBP1 billion cash injection into the good causes investment scheme. Currently, only the World Bank has managed to accrue a larger investment pot for clean energy projects.

Expectations are that the fund will be invested in carbon reduction projects in the developing nations. Climate Change Capital has already earmarked programs in China which will receive finance from the fund. Meanwhile, Centrica’s involvement will earn it carbon credits from the supported projects, which it will be able to offset against its UK emissions.