Over the last periods, Georgia Capital has introduced and implemented energy-efficient solutions to further reduce energy consumption by conducting various activities across the Group and portfolio companies. Our portfolio companies continue to implement energy-saving solutions, such as LED lights and other energy-efficient equipment, such as boilers and heating ventilation and air conditioning systems. Details of environmental activities of our portfolio companies are set out in our Sustainability Report 2022.
Committing to the Net-Zero Initiative
In 2022, Georgia Capital committed to the Net-Zero Initiative and expressed its willingness to reach Net-Zero across Scope 1 and 2 emissions at both GCAP HoldCo and portfolio company levels by 2050.
For details on environmental targets please refer to Sustainability Report 2022.
Emission Disclosure and Calculation Methodology
In preparing our emissions data, we use the World Resources Institute/World Business Council for Sustainable Development (WRI/ WBCSD), Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition 2016) as a reference source. We also use the most recent Georgian electricity conversion factor taken from the JRC Guidebook – “How to Develop a Sustainable Energy and Climate Action Plan in the Eastern Partnership Countries”, European Commission, Ispra, 2018, JRC113659. Further conversion factors are taken from the UK Government’s “Greenhouse Gas Conversion Factors for Company Reporting 2022”. GCAP's energy consumption is disclosed in line with SECR requirements. The emissions disclosures are also prepared in accordance with the TCFD requirements. The operations of Georgia Capital in London and Tbilisi itself have relatively low energy consumption. However, we recognise the evolving significance of emissions disclosures in the investment community and in line with our commitment to increasing transparency, we voluntarily disclose emissions for JSC Georgia Capital (intermediate Georgian holding company) and its portfolio investments. We have reported on all the emission sources listed under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 and the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (Scopes 1 and 2). Additionally, we have reported on those emissions under Scope 3 that are applicable to our businesses’ direct operations. All reported sources fall within our consolidated financial statements. We do not have responsibility for any emission sources that are not included in our consolidated financial statements.
For details on emission disclosure and calculation methodology please refer to Sustainability Report 2022.
Task Force on Climate-Related Financial Disclosures (TCFD)
The TCFD disclosures have been prepared in line with the all-sector guidance and, where applicable, reflect the supplementary recommendations for the asset managers. In the disclosures, we present the Company’s perspective on four core pillars of governance, strategy, risk management and metrics and targets related to climate-change mitigation. Please see our Sustainability Report 2022 for further details.
Enhancing our ESG Transparency
To further enhance the ESG transparency, in 2022 Georgia Capital submitted its first climate change questionnaire for scoring to the CDP platform. The CDP disclosure system enables stakeholders to get comprehensive information about Georgia Capital’s approach to climate change mitigation. The questionnaire submission process enabled us to reassess the climate-related risks and opportunities, and most importantly, track and benchmark our sustainability progress.
Georgia Capitals’ full CDP climate change report is available at: https://www.cdp.net/