Our Next Step in ESG: A New Emissions Reduction Program
Over the last decade, Blackstone has helped its portfolio companies and properties improve their energy efficiency—generating meaningful savings while positively impacting the environment. Today, we are expanding these sustainability efforts by setting a goal of 15% carbon emissions reduction across all new investments where we control energy usage. We will support them in achieving this goal with a set of tools and resources to reduce their carbon footprint.
Ten years ago, we began working with a select number of investments across our portfolio on fast, low-cost approaches to improving energy performance—such as transitioning to LED lighting, installing occupancy sensors, rebuilding bathroom fixtures and improving the efficiency of heating and air conditioning systems.
Over time, these simple fixes grew into a firmwide program that has helped our companies and properties achieve significant energy savings. For example, since our 2016 acquisition of BioMed Realty, which provides innovative lab and office space for life sciences research, we have implemented several sustainability projects resulting in annual energy cost savings of $2.2 million for the company. At Gates Industrial Corporation, a large manufacturer, our playbook helped achieve 30% in utility cost savings over three years.
Our new commitment builds on the expertise we’ve gained through years of promoting sustainability in our portfolio. To meet our emissions reduction goal, we are growing our team, investing in technology and implementing new measurement tools. Beginning in 2021, based on each participating company and property’s needs, our specialists will offer support and resources—from site visits to on-call advice and self-service tools—to help achieve our program-wide 15% target.
By taking action across our large, global portfolio, we can have an outsized impact on the environment and the communities where we operate.