All information is at 31 December 2012 and unaudited. 
Performance at month end with net income reinvested 
                  One    Three      Six     One     Five   Since launch 
                Month   Months   Months    Year    Years    (23 Oct 00)
Net asset value*
(Undiluted)          2.1%     1.9%     4.5%   -0.8%   -51.3%         -61.4%
Net asset value*
(Diluted)            2.1%     1.9%     4.5%   -0.8%   -51.3%         -61.4%
Share price          3.5%     6.5%    10.9%    9.5%   -53.0%         -66.9%
Source: BlackRock 
At month end
Net asset value - capital only (undiluted):                    36.58p
Net asset value - cum income (undiluted):                      36.80p
Net asset value - capital only (diluted):                      36.58p
Net asset value - cum income (diluted):                        36.80p
Share price:                                                   33.00p
Discount to cum income NAV**:                                  10.33%
Subscription share price:                                      0.275p
Net yield***:                                                    0.5%
Total assets including current year revenue:                  £86.46m
Gearing:                                                          Nil
Ordinary shares in issue****:                             234,969,227
Subscription shares in issue:                              45,630,584 
** Discount to NAV based on fully diluted NAV.
*** Based on a final dividend of 0.15p per share in respect of the year ended
31 October 2012.
**** Excludes 11,900,000 shares held in treasury. 
Sector Analysis         Total Assets (%)  Country Analysis   Total Assets (%) 
Enabling Energy & Infrastructure    31.4  USA                            34.3
Energy Efficiency                   22.1  Canada                          8.6
Renewable Energy Developers         21.0  Denmark                         7.0
Alternative Fuels                   16.2  France                          6.8
Renewable Energy Technology          4.8  United Kingdom                  6.1
Net current assets                   4.5  Germany                         4.2 

                                   -----  China                           4.1
                                   100.0  Portugal                        3.8
                                   =====  Switzerland                     3.2
                                          Finland                         2.9
                                          South Africa                    2.9
                                          Belgium                         2.1
                                          Italy                           1.9
                                          Brazil                          1.6
                                          Australia                       1.6
                                          Japan                           1.6
                                          Spain                           1.5
                                          Ireland                         1.3
                                          Net current assets              4.5

Ten Largest Investments (in alphabetical order)

Company                            Country of Risk
ABB Reg                            Switzerland
EDP Renovaveis                     Portugal
ITC Holdings                       USA
Johnson Controls                   USA
Johnson Matthey                    UK
NextEra Energy                     USA
Novozymes                          Denmark
Quanta Services                    USA
Sasol                              South Africa
Schneider Electric                 France

Robin Batchelor and Poppy Allonby, representing the Investment Manager, noted:

The NAV of the Company appreciated by 2.1% in December.

For reference, the MSCI World Index returned 0.3% and the WilderHill New Energy
Global Innovations, an index that is representative of the sector, gained 5.7%
(Datastream, in sterling terms).

Positive economic data from China bolstered markets during the month with flash
HSBC PMI (Purchasing Manager's Index) rising to 50.9 (a 14-month high) and
power consumption rising by 7.6% (yoy).  However this positive momentum was
somewhat offset by concerns over the looming US fiscal cliff and the potential
ramifications of the US slipping back into recession. 

Reports of financial support from the Chinese Government for the ailing solar
sector contributed to an improvement in sentiment towards the sub-sector during
the month.  A $2bn (13bn yuan) subsidy for domestic solar installations in
China will provide some support to solar technology companies in the near term,
but is unlikely to resolve the issue of overcapacity and pricing pressure. 

EDP Renovaveis, the wind farm developer, confirmed that it would be selling a
stake in its Portuguese wind farms to China Three Gorges (a Chinese state
utility).  This news was well received by the market as the transaction took
place at an attractive valuation and will help EDP Renovaveis to reduce its
debt levels.  The share price consequently rose over the month and was a
positive contributor to performance in December.

Johnson Controls provided the market with an update at their analyst day in
December.  The company announced that they expect their profits to beat analyst
estimates in 2013.  Both energy efficiency and power solutions are key
strategic priorities for the business and are expected to contribute strongly
to profitability over the coming years as these markets continue to grow.  The
Company's holding in Johnson Controls was a strong contributor to performance
during the month as the share price reacted to this announcement.

Whilst the broader sector performed well during the month, some sub-sectors
struggled to keep pace as investors took profits from holdings that had
performed well in November.

We highlighted in the November commentary that Vestas, the wind turbine
technology company, had successfully renegotiated its credit facilities and
does not believe that it will need to raise additional financing in the near
term.  This news continued to be a tailwind for the company in December and the
Company's holding was a key contributor to performance.

The aforementioned positive momentum in the solar technology sub-sector
benefited the Company in absolute terms and relative to the MSCI World Index. 
However, for reference as the Company is underweight relative to the Wilderhill
New Energy Global Innovations, this was a drag on performance versus this

Portfolio Activity
We took profits in some of our enabling energy and infrastructure and
alternative fuels holdings.

The Company has been positioned to benefit from areas of the New Energy sector
that are experiencing strong near-term growth.

The pain that the Renewable Energy Technology sub-sector has suffered is
showing little sign of imminent relief.  On top of general overcapacity and
falling prices, the wind market is facing some regulatory uncertainty: the
production tax credit the industry has benefitted from in the US is set to
expire at the end of the year.  The price of a solar module has fallen by over
75% from the start of 2009 rendering many producers loss making.  The solar
industry is reaching the point of consolidation and with a much more
competitive cost structure should enjoy resurgence at some point.  That moment
is sufficiently distant in our view for us to remain cautious on investment in
the area and we continue to prefer opportunities amongst the Renewable Energy

At the other end of the sector spectrum, and with a contrasting set of industry
fundamentals, lie the Enabling Energy and Infrastructure companies and certain
Energy Efficiency players who are enjoying bumper growth.  The shale gas
revolution and power grid expansion in the US has sparked an investment
up-cycle in energy infrastructure spending which continues to gather momentum.
 Energy Efficiency has also benefited from corporate and government cost saving
- legislation to incentivize the adoption of energy efficiency technology is a
more appealing option to a cash strapped government than renewable energy

We continue to believe that sector valuations are generally attractive, both
relative to history and to broader equity markets, and there is scope for the
positive sector fundamentals to be supported by continued M&A.

16 January 2013


Latest information is available by typing on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.

-0- Jan/16/2013 16:01 GMT

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