At NorthEdge our mission is that every investment we make will have a positive impact.
To achieve this we are continually monitoring and evolving our approach to ESG, internally at NorthEdge as well as ensuring our portfolio teams have the right level of information and support to make progress on their ESG objectives. We do it because it’s the right thing to do, and because it makes businesses more valuable for all stakeholders.
We recognise that we have a large sphere influence – in our business, in our portfolio, in our sector and in our community. We also know that the collective impact that NorthEdge, our portfolio (current and future) and our colleagues can have on the planet is significant. To educate ourselves further in this space, we are pleased to announce that we have committed to becoming an accredited Carbon Literate Organisation – the first private equity firm to do so. Awarded by the Carbon Literacy Project, the accreditation will showcase our commitment to learning more about the effects of climate change and understanding the actions we can take to reduce our collective impact on the planet by reducing the carbon emissions across our business and portfolio.
- 2021 NorthEdge Scope 1, 2 & Operational Scope 3 emissions: 279 tCO2e
- 2021 Portfolio Scope 1 & 2 emissions: 63,899 tCO2e
To demonstrate this commitment further we have invested to ensure that 100% of NorthEdge colleagues will have completed Carbon Literacy training during 2022, supported by our operating partners Positive Planet. Following the guided programme, we worked collectively to discuss the reduction opportunities for NorthEdge and our portfolio and subsequently every colleague has made individual and collective organisational pledges, detailing how they will take accountability for reducing carbon emissions generated from our collective business activities. We recognise that our challenge is to ensure we all deliver on the pledges we have made, as such we have made a commitment to review progress at least annually and have provided our team with additional tools and training on the importance of ESG.
The training has already helped our colleagues to learn about the impacts of climate change, at a national, business and personal level. As a result we are targeting that NorthEdge and all of our portfolio companies will have a net zero plan within the next 12-18 months, and have been pleased to see colleagues already using more sustainable methods of transport and signing up to our electric car scheme. We are also pleased that portfolio company Clearly Drinks is undertaking Carbon Literacy training following our introduction to the programme.
We chose to partner with the Carbon Literacy Project as we also believe that to achieve global net zero goals we must start with people, culture and technology – on average following the training the Carbon Literacy Project reports that there are between 5-15% carbon savings per person achieved. In addition, the organisation was awarded TAP100 at the UN COP21, which recognises it as one of only 100 Transformative Action Programs worldwide.
Lucie Mills, Partner and Chair of ESG Committee at NorthEdge said: “Whilst we’re proud of the continued progress we’re making, we know that it will take a collective effort to achieve the global net zero goals. At NorthEdge, we will be using the Caron Literacy training to build out our Net Zero plan and use what we have learned as part of the accreditation to share insights and best practice with our portfolio, encouraging them to adopt a similar approach. We also hope to be the first of many Private Equity firms making this commitment.”
To find out more about our ESG commitments and approach, click here.