Seven private equity investors have joined forces to create the 'first' international network under the Initiative Climat International
A group of seven leading private equity investors have pledged to actively engage with companies they invest in, so as to encourage carbon reduction and incorporate climate risk management into decision making, in a move spearheaded by the Principles for Responsible Investment (PRI).
The seven investors have joined forces to create the "first" international network under the Initiative Climat International (iCI), which collectively commits them to align their portfolios and businesses with the Paris Agreement and embrace the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFDs).
Endorsed by the PRI, iCI was originally launched as the iC20 in 2015 by a group of French private equity firms keen to contribute to the goals of the Paris Agreement.
Now, in establishing a new international network - which was officially launched late last week - UK-based investors including Coller Capital, ICG, Palatine, Triton and HG have committed to actively engaging with private-equity backed companies to reduce global carbon emissions and pursue sustainable investment by taking full account of climate risk in decision-making.
iCI also seeks to foster mutual collaboration, ecnouraging members to effectively analyse, manage and mitigate climate-related financial risk and emissions in their portfolios, in line with the recommendations of the Financial Stability Board's TCFDs, the body said.
"The PRI welcomes the announcement that a group of leading private equity investors have joined the Initiative Climat International, and in doing so are stepping up to the climate challenge," said Fiona Reynolds, CEO at PRI.
The Net Zero Investment Hub is brought to you in partnership with Schroders, as part of its support for the world's first Net Zero Festival this autumn. All the content on the Hub is fully editorially independent unless otherwise stated.
You can find out more about the Net Zero Festival and reserve your place here.
Coalition of green groups argue UK should set global precedent by including emissions generated by international travel in next carbon budget
Energy firm announces it will not develop new gas fired power at its site in North Yorkshire as it looks to focus on biomass and carbon capture plans
Climate Change Committee and trade unions become latest to join chorus of calls for government to rescue its flagship green home retrofit programme
Retailer named as Principal Supermarket Partner, as government faces growing calls to clarify plans for crucial Glasgow Summit