Mark Carney’s Glasgow Financial Alliance for Net Zero now has a venture capital chapter – a sign that net-zero alignment is gaining momentum in the asset class. Twenty-three venture firms have founded the Venture Climate Alliance, including Union Square Ventures and Tiger Global, and have “committed to achieving net zero or negative carbon emissions by 2050 or earlier”, according to a press release from the VCA.
Members of the VCA are required to:
- Set net-zero 2030 targets for the VC firm’s own operations;
- Measure their carbon footprint for Scopes 1, 2 and 3;
- “Encourage and assist” portfolio companies to achieve net-zero alignment by 2050 or sooner.
The VCA will develop guidance on disclosure requirements for members in the coming year, the press release states.
Other members of the VCA are: Prelude Ventures, Capricorn Investment Group, DCVC, Energy Impact Partners, Galvanize Climate Solutions, S2G Ventures, World Fund and 2150; along with Obvious Ventures, Congruent Ventures, Valo Ventures, Clean Energy Ventures, Fifth Wall, Overture Ventures, Blackhorn Ventures, Spring Lane Capital, Azolla Ventures, Systemiq Capital, The Westly Group, Innovation Endeavors and ReGen Ventures.