We have achieved carbon neutrality by:
- Calculating our direct and indirect emissions (scope 1, 2 and 3) since 2018
- Setting a yearly reduction target
- Offsetting the remaining emissions that we cannot reduce by supporting a certified climate project
Why did we decide to become Carbon Neutral?
Climate change is a major challenge for humankind. Individuals, economic agents, governments, must feel compelled to act to curb the global warming trend and eventually reverse it. As economic agents, we can have an impact by measuring our firm’s CO2 emissions, and proactively reducing them. We can also lead our portfolio companies to adopt the same commitments. In 2020 we issued the Astorg Climate Policy where we state our commitment to become a carbon neutral company and where we encourage our companies to achieve carbon neutrality.
As we cannot reduce our CO2 footprint to zero, we have decided to offset our remaining emissions. According to a study by Nature (2018) the cost to society for each ton of emitted CO2 is approximately US$417. We have decided not to transfer this cost to others or to future generations. In order to become a true Carbon-Neutral company, we offset our remaining emissions by funding certified climate projects in developing countries with a quantified CO2 reduction impact.
Why reduce the equivalent amount of CO2 in a developing country?
Developing countries are currently the main hosts for climate projects, as defined under the Kyoto protocol, because they need funding to achieve an urgent energy transition. We feel responsible for both: a) indemnifying developing countries against the climate impact generated by industrial countries, and b) financing climate projects that will ensure developing countries grow sustainably without using carbon intensive development or clearing their forests.
In order to offset its remaining emissions for FY2019, Astorg has decided to support a project of forest conservation in Zambia managed by our partner CO2LOGIC and certified by the VERRA standard.
Astorg’s climate action
Since we have joined the Initiative Climate International (iCI) in 2018 we have committed to measure and reduce our portfolio’s emissions. So far our climate action includes:
- A yearly carbon assessment in the portfolio for scope 1, 2 and 3
- Inclusion of climate actions and targets in portfolio companies’ ESG action plans
- Portfolio climate risk assessment according to the TCFD guidelines
- Adoption of Astorg’s climate policy whereby Astorg commits to carbon neutrality
- Inclusion of climate risk into the due diligence process