Palatine has advanced its trailblazing approach to sustainability by setting ambitious Science-Based Targets for reducing greenhouse gas emissions in its own business and across its portfolio of fast-growing mid-market businesses.
The targets, validated by the global Science-Based Targets initiative (SBTi), will see Palatine make a 42% cut in its own greenhouse gas emissions by 2030. In addition, 100% of its in-scope portfolio companies will have validated Science-Based Targets (SBT) by 2032 – eight years earlier than required by the SBTi.
The SBTi is a global collaboration between the CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. Its goal is to mobilise the private sector to take the lead on urgent climate action to prevent the worst impacts of climate change.
Palatine’s target will see 60% of its eligible portfolio companies engaged in the SBTi process by 2028 and is the latest step in its long-term strategy to drive sustainable business growth through mid-market investing. The firm was among the first in the industry to establish a robust ESG framework over a decade ago, launching its first pioneering Impact Fund in 2017 and achieving B Corp in 2022.
Steph Wall, Head of Sustainability at Palatine, said: “We’ve long held an evidence-based belief that companies that embed sustainability into their operations are more successful, and resilient. That belief underpins the focus and effort we continue to place on ensuring that, as a stakeholder in fast growing businesses, we are always actively promoting sustainability.
“Committing to the SBTi is not only the right thing to do for our planet and society, but will also reduce risk and drive value and impact. With consumers and investors rightly concerned about Greenwashing, we see committing to a highly credible and independent measure of climate action as an important statement of intent.”
Emission reduction targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement: limiting global warming to 1.5°C above pre-industrial levels.
By the end of 2023 approximately 4,000 companies and financial institutions globally had emissions reduction targets validated by the SBTi.
