- Greenhouse gas emissions reduction targets approved by the Science Based Targets initiative
- Permira commits to reducing scope 1 and 2 emissions by 70% by 2030; aims for 100% of eligible[1] portfolio companies to set SBTi-validated targets by 2040
London, 1st February 2024 - Permira, the global private equity firm, today announced it has received validation of its greenhouse gas emissions (GHG) reduction targets from the Science Based Targets initiative (SBTi), in line with a 1.5°C pathway.
The targets apply to Permira’s direct operations, with a commitment to reduce its absolute scope 1 and 2 GHG emissions by 70% by 2030, as well as its eligible portfolio, with a target for 35%[2] of eligible portfolio companies to set SBTi-validated targets by 2027, and 100% by 2040. Permira is already seeing strong momentum in the portfolio with seven portfolio companies having validated SBTs, and seven more that have formally committed.
The Permira funds will continue to consider climate risks and opportunities within their ESG screening and due diligence process using a materiality lens, with a particular focus on the private equity buyout funds. This may include consideration of the funds’ portfolio companies’ carbon footprint data, climate targets, decarbonisation progress and value creation potential, as well as deploying Permira and advisory capabilities to support portfolio companies as required post-investment.
As part of today’s commitment, Permira and the Permira funds will also continue to:
- request scope 1, 2 and 3 emissions annually from portfolio companies, or source these from external disclosures;
- encourage portfolio companies to adopt a Science Based Target, as appropriate;
- use in-house tools to monitor progress on the targets;
- share knowledge and initiatives across the Permira funds’ private equity portfolio to support those portfolio companies that are measuring emissions, identifying decarbonisation opportunities, and setting and delivering on targets; and
- engage with peers, industry initiatives and enlist expertise from consultants to support our alignment with good practice.
[1] Includes all listed equity investments, and unlisted private equity investments where Permira has a Board seat and the funds have ≥25% equity. Companies that have been held for less than two years may be excluded
[2] In % of invested capital
