Blackstone and Sphera Work Together for Portfolio Decarbonization Program

Published on: 17 February 2022
by KnowESG
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A Brief Summary

A leading provider of ESG performance, data and consulting services firm, Sphera announced integrating its carbon accounting solutions into Blackstone's Emissions Reduction Program.

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Blackstone has stakes in more than 200 companies and 10,000 real estate assets which help the firm create value for investors and communities where it operates by supporting ESG integration initiatives across its portfolio.

Sphera joined other companies on the platform to support their carbon emission targets. Also, this collaboration increases their ability to estimate progress against decarbonization efforts and reduce greenhouse gas emissions.

Paul Marushka, Sphera CEO and President said: “Blackstone has demonstrated a commitment to being a leader in ESG integration, engagement and reporting within the private equity industry. We’re honoured that the firm has brought us on as a partner to support its carbon footprinting initiatives and look forward to working with a number of its portfolio companies to establish robust monitoring and reporting frameworks for GHG emissions.”

Blackstone launched the portfolio Emissions Reduction Program in September last year, which involved commitments to reduce carbon emissions by 15% in all new investments where the firm controls energy usage.

The firm has already announced a series of investments for the past many months aiming to capitalize on opportunities from decarbonization activities globally, Blackstone recently stated that it looks forward to opportunities to invest an amount of around $100 billion in energy transition and climate change solutions projects in the coming decades.

James Mandel, Chief Sustainability Officer at Blackstone, said: “We are in a unique position at Blackstone to support the sustainability efforts of companies across sectors and geographies given our large, global portfolio—and sophisticated measurement tools are at the core of impactful decarbonization efforts. We believe Sphera’s deep technical rigour on GHG inventories will be tremendously valuable in our ESG risk mitigation efforts and are thrilled to integrate its software suite, consulting services and data into the platform of resources available to our portfolio companies.”