September 17, 2020
As the next step in applying ESG best practices to our internal operations, StepStone is pleased to announce that it has achieved carbon neutrality. Following comprehensive measurement and reduction of the Firm’s emissions, StepStone offset the greenhouse gas emissions associated with its business operations for the 2019 and 2020 calendar years.
StepStone engaged Carbon Footprint to conduct an appraisal of StepStone’s firm-wide emissions. The first carbon footprint analysis was conducted in 2019. The Carbon Footprint Standard seal confirms StepStone has assessed its carbon footprint in line with international best practice.
Following the measurement of its carbon footprint, StepStone implemented a series of carbon reduction initiatives across our global offices. We updated our travel policy, reviewed our supplier relationships, and implemented waste reduction and recycling programs.
Carbon reduction remains a priority. However, StepStone recognizes it will continue to have a carbon footprint that is predominantly driven by corporate air travel.
In order to offset the unavoidable portion of our footprint and reduce our firm emissions to zero, StepStone worked with Natural Capital Partners, the leading advisors on carbon neutrality and climate finance. Together, we built a portfolio of emissions-reducing, sustainable development projects. StepStone financed projects across three countries, all of which operate in accordance with the highest international standards. Verification of our offset purchases can be found here.
- Wind power in China: Located on the edge of the Gobi Desert in the Inner Mongolia Autonomous Region, this large-scale wind farm delivers zero-emissions renewable electricity to the North China Power Grid.
- Landfill gas capture in New York: This award-winning project reduces the environmental impact of the Seneca Meadows landfill site through methane capture, electricity generation, and wetland enhancement.
- Amazonian Rainforest Conservation in Brazil: This collection of projects grants land tenure and provides agricultural training to prevent deforestation, protect some of the world’s most biodiverse habitats, and promote sustainable economic livelihoods.
This initiative reflects StepStone’s commitment to embed ESG best practices into our internal operations. We place the same expectations related to ESG on ourselves as we do our GPs and portfolio companies by actively considering and responding to ESG risks and opportunities within our firm. Beyond carbon neutrality, StepStone is committed to supply chain risk analysis with a focus on Modern Slavery and Diversity and Inclusion initiatives.
In addition to addressing ESG within our internal operations, StepStone has fully integrated ESG considerations into our investment process across all asset classes and strategies at the firm. As a demonstration of our commitment to Responsible Investment, StepStone became a signatory to the United Nations Principles for Responsible Investment in 2013 and joined the Task Force on Climate-related Financial Disclosures in 2019. Click here to request a copy of our white paper on building a climate-resilient portfolio or visit our webpage for more information on our Responsible Investing program.