An investment company headed by Nobel Prize winner Al Gore has reportedly closed a new $683m fund for investing in green start up businesses.

© greenpeaceIt is set to invest in businesses from the renewable energy and energy efficient technology sectors as well as firms in the carbon trading, biofuel and biomass industries.

The funds ability to raise $683m at a time of considerable financial turmoil and tightening credit conditions highlighted the resilience of the burgeoning green investment market.

Green investments is no longer just a "nice to have" for investors, but a "fundamental" part of the market, " because the transition from a high-carbon to a low-carbon economy is a very large step that is going to happen quickly.

Both Gore and David Blood, former head of Goldman Sachs, have reportedly invested personally in the fund to a "pretty sizable" extent. [greenbiz.com]