Chris Skidmore, the former UK Conservative energy minister who resigned over oil and gas drilling policies, has launched an investment bank aimed at supporting green-energy startups. Desmos Capital Partners, founded by Skidmore a month ago, will assist early-stage clean-energy companies in raising at least £5 million ($6.5 million) from venture capital funds and family offices.
“We do not finance enough green,” Skidmore said on Tuesday. “The disconnect between investors and their potential investments has perhaps never been wider: private capital accumulated in funds standing unused is now at record levels.”
The Conservative Party which recently lost in elections, pledged in 2019 pledge to achieve net zero emissions by midcentury has come under scrutiny. Rising energy-security concerns have led to accusations on the party of backtracking on climate commitments, especially after introducing a law allowing new North Sea oil and gas licenses.
Skidmore, in his speech, highlighted the lack of support in the UK, which has often forced world-leading technology companies to relocate. Desmos will officially launch in September with offices in London, Paris, Dubai, and Toronto. It will not maintain its own balance sheet but will focus on advising companies, with investments made by partners.
Before stepping down from his position in January, as a minister in the Department for Energy Security and Net Zero, Skidmore conducted a net zero review for former Prime Minister Rishi Sunak, resulting in over 100 recommendations.
Skidmore has urged the newly elected Labour Party to create an investment roadmap detailing the projects and infrastructure to be delivered, along with a delivery timeline. He has dismissed speculation about taking a role in the new government, stating he has no plans to return to frontline politics. “I feel that I can now make the greatest difference by supporting companies to grow and scale up, helping to deliver the energy transition on the ground,” he said.