PAI & Climate Change
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Cornelia Gomez
Head of ESG & Sustainability

Cornelia joined PAI in 2017 and is PAI’s Head of ESG and Sustainability

Climate-related experience
In addition to leading PAI’s ESG Team, in 2020 Cornelia was appointed as the Global Coordinator of the initiative Climat International (iCI), in charge of taking the initiative to an international level through the creation of other local networks.

She has also been specifically involved in the definition of the “raison d’être” of our portfolio company Ecotone: Foods for Biodiversity.

Otto Kern
ESG Officer

Otto joined PAI’s ESG team in 2020 as an ESG officer

Climate-related experience
Otto leads the definition of PAI’s portfolio-wide energy efficiency program, and drives value creation amongst portfolio companies like Armacell, Labeyrie or StellaGroup.

Thomas Carlier
ESG Associate

Thomas joined PAI’s ESG team in 2018 as an ESG Associate

Climate-related experience
Thomas drives PAI’s efforts on the climate change front, specifically through portfolio company engagement and carbon footprint assessment.

In 2020, he helped our portfolio company Perstorp define Science Based Targets, worked with Ethypharm in the definition of scope 1 and 2 reduction targets, supported Labeyrie and Refresco in the creation of their climate roadmap, and co-built a specific tool to assess WFC’s scope 3 emissions.

Our offices

London
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Luxemburg
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Milan
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Madrid
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Munich
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
New York
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Paris
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Stockholm
PAI Partners

12 St Jame’s Square

London, SW1Y 4LB

United Kingdom
+44 207 297 4660
Photographic Credit: © Kim Roselier 2021

Welcome to the 2021 edition of PAI’s ESG Lab devoted to climate change.

For those of you who are new to our ESG community, our annual ESG Lab series was launched in 2018 as a one-day event to bridge different perspectives (investors, corporates, field experts) and to take a deep dive into a specific issue.

This year, we transformed the event into a virtual ecosystem with continuous learning features and in-depth discussions. We invite you to visit and provide your comments at any time during the year.

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PAI & Climate Change

Welcome to the 2021 edition of PAI’s ESG Lab devoted to climate change
What's new
ESG Lab Whitepaper

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Who do you represent?

Our commitments

Our journey so far

PAI has been addressing the climate change topic since 2015. We are continuously deepening our understanding and have been intensifying our efforts since 2019

PAI started its ESG journey in 2010, when we signed the UN-supported Principles for Responsible Investment

Launch of the iCI

PAI was one of five private equity firms that came together to launch the Initiative Carbone 2020 (“iC20”), now known as Initiative Climate International (“iCI”).

This initiative aims at achieving the objectives of the Paris Agreement – to limit global warming to well-below 2C, and to pursue efforts to limit warming to 1.5C.

Download the iCI’s Manifesto

First portfolio carbon footprint assessment

In-depth assessment of our portfolio’s carbon footprint

Results were disclosed in a dedicated ESG review: “PAI’s carbon project”.

2016 ESG review

Inclusion of climate considerations beyond carbon footprint in our investment strategy

- Pre-acquisition process: climate risk analysis of investment targets using the SASB Climate Risk Technical Bulletin methodology.

- Ownership: construction of company-specific climate profiles.

Formalisation of PAI’s climate strategy

The first milestone of our strategy was achieved in 2019, with the formalisation of PAI’s Climate Strategy in compliance with the Taskforce on Climate-Related Financial Disclosure (TCFD).

This important work to establish processes, governance and metrics is summarised in PAI’s
Climate Policy, which is publicly available on our website, and further described for our LPs in our first Sustainability Report in 2018/2019 .

Sustainability Report 2018/2019
(LP login required)

Activation of PAI’s Climate Strategy

The second milestone of our strategy is to raise awareness of and activate PAI’s Climate Strategy both internally and externally.

It is a continuous process, which is supervised by PAI’s Management Committee.

We have built four operational pillars to structure our approach.

Sustainability Report 2019/2020
(LP login required)
Internal engagement & processes
  • Publication of our Climate Policy, setting clear processes for PAI
  • Organisation of internal events to raise awareness of the climate issue
Download PDF
Portfolio analysis
  • Annual analysis of our portfolio’s exposure to climate-related risks and opportunities
  • Deep-dive analysis of the six portfolio companies which are most exposed to climate change, presented to their respective investment teams and management
PDF coming soon
Portfolio engagement
  • Development of a toolbox, the “Climate-related services Framework”
  • Helping portfolio companies find services which could help reduce their climate impact
  • Proactive discussions with companies on their climate roadmap
PDF coming soon
External stakeholders
  • Leadership role at the initiative Climate International
  • Ongoing consulting project with students from Imperial College London
PDF coming soon

PAI achieved carbon neutrality in 2021 at GP level using our 2019 emissions as a baseline

Our ESG team has finalised the detailed assessment of our 2019 carbon emissions, and identified carbon reduction opportunities and relevant offsetting projects.

How material are climate considerations in your investment decisions?

We're building a greener portfolio

Carbon footprint engagement in the PAI portfolio

(total 2019: 6,2 million tons CO2 equivalent)
Leaders
Companies which are signatories of the Science Based Targets initiative (SBTi)

When relevant, PAI supports its portfolio companies to become a signatory of the SBTi.

We are proud to have two signatories of the initiative in our portfolio and hope to work with more businesses to achieve this standard.

If you are curious to learn more about the SBTi and how PAI and its portfolio support the initiative, scroll down to the Webinar section.

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Engaged
Companies actively supported by PAI in the definition of a climate roadmap

In addition to assessing their carbon footprint, PAI, in collaboration with the biggest emitters in the portfolio, defines a climate roadmap.

This roadmap is company-specific and can range from setting simple scope 1 and 2 reduction targets, to committing to leading initiatives like the Carbon Disclosure Project (CDP) or the Science Based Tagets initiative (SBTi).

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Active
Companies engaged with PAI on carbon footprint assessment

PAI assesses the carbon footprint of 100% of its portfolio companies. Depending on the materiality of their carbon emissions, this can range from a reduced scope 1 and 2 assessment to a very detailed scope 1, 2 and 3 calculation.

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Expert question: how would you
build a greener portfolio?

Our webinar series

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What topics would you like us to
address in our webinars?

Connected with academia

IB Green Minds #64: In conversation with James Stacey
IB Green Minds #62 - In conversation with Radhika Mehrotra and JeromeTaraska
IB Green Minds #58 - In conversation with Thibaut Ghirardi
IB Green Minds #23 - In conversation with Cornelia Gomez

This week, Guy and Lottie interview James Stacey, Partner and Global Director for Climate Change & Low Carbon Economy Transition at ERM.

They discuss the growing focus on businesses’ sustainability credentials and how scenario analysis can be used to understand climate-related risks and opportunities.

In this episode supported by PAI Partners, Alex speaks to Radhika Mehrotra and Jerome Taraska from CDP’s Investor Engagement Division. 

They discuss the core components of CDP’s sustainability reporting framework as well as the value of setting science-based targets. The importance of measurable and accurate data emerges as a clear theme throughout the conversation. 

In this episode, supported by PAI Partners, Phoebe speaks to Thibaut Ghirardi, Senior Manager in Climate Finance at the 2 Degrees Investing Initiative.

They discuss 2DII’s positioning within the finance and investing landscape, how different actors can generate change and drive impact in shifting to more sustainable financial practices, and how retail investors can also get involved in greening the financial system.

Imperial College’s Green Minds chats to Cornelia Gomez - Head of ESG and Sustainability at PAI Partners.

They discuss the specific challenges involved in taking ESG factors into account in private equity and delve into topics at the forefront of ESG debates such as biodiversity impact measurement and supply chain risk.

Connected with our ecosystem

Private Equity Sector SBT Guidance
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StepStone Whitepaper on Decarbonization
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Invest Europe Climate
Change Guide
Read more