Private equity investor Blackstone announced today the launch of a new initiative to reduce carbon emissions by 15% across all new investments where the firm controls energy usage.
Blackstone stated that its new commitment builds on the expertise the firm has gained through years of promoting sustainability in its portfolio, including helping portfolio companies and properties improve their energy efficiency. These efforts included working with several portfolio companies on fast, low-cost approaches to improving energy performance, such as transitioning to LED lighting, installing occupancy sensors, rebuilding bathroom fixtures and improving the efficiency of heating and air conditioning systems.
The firm stated that in order to meet its new emissions reduction goal, it will grow its team, invest in technology and implement new measurement tools. Starting next year, Blackstone’s specialists will provide companies with support and resources including on-site visits, on-call advice and self-service tools to help reach their emissions targets.
Alison Fenton-Willock, Global Head of ESG at Blackstone, said:
“Sustainability is integral to our business – it strengthens our companies and properties and benefits their communities. This new goal represents a natural extension of our decade-long efforts.”