Towards net zero
Climate change remains one of the most existential challenges of our time; a threat to human lives, the natural world, individual livelihoods, and economies at large.
As an investor and provider of capital, ICG has an opportunity and a responsibility to support the transition to a more sustainable economy.
Our net zero commitment is supported by two ambitious emissions reduction targets by 2030, which have been approved and validated by the Science Based Targets initiative (SBTi).
ICG is committed to support the goal of net zero GHG emissions by 2040 or sooner, in line with global efforts to limit warming to 1.5°C.
Our approved and validated science-based targets
- Ensure 100% of relevant investments have SBTi-approved science-based targets by 2030, with an interim target of 50% by 20261
- Reduce ICG’s direct (Scope 1 and 2) emissions by 80% by 2030 from a 2020 base year
1. Relevant investments includes all investments within Structured and Private Equity and Real Assets where ICG has sufficient influence.
Our commitment to net zero
CEO and CIO Benoît Durteste explains ICG’s climate action through science-based targets
Our approach to net zero
While our own operational emissions have negligible impact compared to those of our investments, we recognise our responsibility to ensure our own business operations are fully accounted for. ICG will continue to deploy energy efficiency and renewable energy initiatives, and will offset any residual emissions using credible removal solutions.
In order to chart a path to net zero, ICG’s top priority is the decarbonisation of our portfolio wherever possible, through our investment decision-making and engagement.
Over time, the tools to assess financed emissions and measure net zero will evolve in the private markets. In addition to the setting of science-based targets (SBTs) for relevant investments, ICG is developing a plan to systematically assess potential net zero solutions for the strategies not covered by our SBTs.
We will continue to engage with industry groups and thought leaders to explore decarbonisation tools and net zero measurement frameworks for asset classes which do not currently have them, and ICG will consider these new solutions if/where they might be applicable to our portfolios.
Another powerful tool for responding to climate change is ICG’s capacity for investment in climate solutions needed for the real economy to reach net zero emissions, such as the infrastructure needed for the growth of renewable energy.
Lastly, a successful global approach to net zero will require the financial industry to account for nature’s fundamental contributions to combating climate change, as well as a just transition to respond to the impacts that a changing climate has on human communities and livelihoods. ICG will reflect these considerations in our own approach, as we enhance our ESG assessment and action over time.
ICG’s net zero strategy will continue to evolve as we work towards building a more comprehensive approach across the firm, to support the global goals of decarbonising the real economy and building a more sustainable financial system.
Progress report: Science-based targets
Our net zero journey
2019
Committed to reducing scope 1 and 2 emissions by 80% by 2030.
Find out more in our ESG Report 2019
2020
Together with industry peers and the PRI, founded the iCI UK network with the common goal to decarbonise investment portfolios.
Joined the iCI net zero and SBT working group, to contribute to the development of the SBTi target setting guidance for PE sector.
ICG joins peers to commit to action on climate change
2021
Committed to net zero and signed up to the Net Zero Asset Managers initiative.
Approved and validated SBTs for relevant investments.
ICG makes global commitment to reach net zero by 2040
2022
Group Scope 1 and 2 (market-based) emissions decreased by 85% compared to a financial year 2020 baseline, primarily due to a rise in the number of offices procuring 100% renewable electricity.
By the end of the year, we had engaged with 32 portfolio companies concerning science-based greenhouse gas emissions reduction targets. These 32 were within five ICG strategies representing nearly $8bn of invested capital.
Science based targets progress in 2022 and next steps
2026
Target: 50% of relevant investments have an approved SBT.
2026 – 2030
Where relevant across ICG’s asset classes, we intend to:
- support decarbonisation efforts across our portfolio through our investment decision making and portfolio company engagement
- invest in climate solutions needed for the real economy to reach net zero emissions e.g. sustainable infrastructure
ICG will continue to deploy energy efficiency initiatives and renewable energy solutions, and finally offset residual emissions using credible removal solutions.
2030
Target: 100% of relevant investments have an approved SBT.
Target: 80% reduction in operational emissions.
2040
Net zero GHG emissions, in line with global efforts to limit warming to 1.5°C.
Environmental stewardship within our operations
ICG is aware of the potential impact of its business operations on the environment. We seek to manage and reduce such impacts and encourage key suppliers to do the same. While our own direct operations have a lower impact on the environment than our investments and financing, we recognise the importance of upholding a high standard of environmental stewardship across our business.
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