Minimum standard - Climate Change

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MINIMUM STANDARD #2

Climate change

As long-term term infrastructure investors, it is vital that we manage the risks and opportunities presented by climate change and the energy transition.

In 2021, we set a target to achieve net zero greenhouse gas (GHG) emissions in our portfolio by 2050 or sooner.

Recognising the need for progress well before then, we also launched “Climate Action 1, 2, 3!”: an action plan with three steps we aim for all portfolio companies to take by the end of 2023 (or for new investments, within three years of acquisition). Over the past two years, we have been rolling out “Climate Action 1, 2, 3!” to every company in the portfolio, engaging the boards and management teams on how and when each company can achieve the three steps.

ESG in action

Based on targets set to date, our scope 1 and 2 portfolio emissions are projected to decrease 55% by 2030 and 65% by 2050.

19 of 25 global companies have now set their own net zero targets for 2050 or sooner.

CASE STUDY

Scandlines
A pioneer in green ferry operations

Scandlines is the sole operator of the Rødby-Puttgarden (RoPu) and Gedser-Rostock (GeRo) ferry routes, connecting Denmark and Germany.

Since 2011, a vision to have zero emissions ferries has been an essential part of Scandlines’ strategy, guiding over €300 million of green investments and technological advances, and positioning Scandlines as a pioneer in green ferry operations. Scandlines has a target to achieve net zero emissions by 2040, as well as interim targets to achieve net zero on the RoPu route by 2030. Scandlines had reduced its direct emissions by almost 25% by the end of 2022.

New zero direct emissions ferry

Scandlines’ first zero direct emissions ferry, capable of operating entirely on battery power and using a hybrid system, is expected to be commissioned on the RoPu route in 2024. The vessel has the largest battery of any electric ship operating globally today (10MWh) and it is 7x more energy efficient per freight unit than the existing vessel.

This case study has been chosen as an illustrative example of the work undertaken across our portfolio companies. Improving climate change initiatives are being actively implemented across all companies in our portfolio and we would be happy to provide further information on these upon request.