Energy Efficiency, GHG Emissions - May 26, 2023
Westly Group Expanding Measurement of Emissions
The Westly Group, a sustainability-focused venture capital firm, announced it expanded the measurement of GHG emissions across its portfolio companies and own operations, including Scope 1, 2 and operational Scope 3.
The VC firm will create a roadmap to net-zero financed emissions and plans to align with key industry partners to drive greater adoption of ESG practices in the VC asset class. Details were provided in its 2022 Annual ESG Report.
“We believe continuing to prioritize responsible investment practices and collecting ESG data will help create long-term multi-stakeholder value and create a competitive advantage for both portfolio companies and venture firms. As a data-driven organization, the goal of this year’s report is to establish a baseline on environmental, social and governance metrics from multiple years. The Westly Group will use this data to drive board-level discussions on material ESG metrics for all of our portfolio companies,” said Steve Westly, Founding & Managing Partner, in a statement.
The company has established partnerships with leading groups helping to standardize ESG frameworks for VC. They remain active on the steering committee for VentureESG, and on the VC Working Group for Principles for Responsible Investing (PRI), a UN-supported organization that promotes sustainable investment through the incorporation of environmental, social and governance practices. The Westly Group has also joined the Venture Climate Alliance, which calls for the fund’s operational emissions and its portfolio companies.
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