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While emissions from CIP's own operations are a small fraction compared to the volume of emissions we avoided through our funds, we are committed to doing our part. Our Scope 1-3 GHG emissions target is as follows:
To reach our climate target we have worked systematically to identify emission reduction potentials and integrate decarbonisation efforts into our ways of working and the way we run our offices. In 2023, as part of our efforts to reach our 2025 Scope 2 target, we switched to renewable electricity in our Tokyo office. Throughout 2023, our offices in Copenhagen, Hamburg and Tokyo all operated on renewable electricity. Additionally, we have invested in high-quality carbon removal offsets for unavoidable Scope 2 GHG emissions in 2022. In the past year, we have also initiated several initiatives to reduce our Scope 3 emissions, such as developing a Responsible Procurement Guide, developing a Global Office Checklist, and setting up decarbonisation for Office Managers.
In 2023, CIP has developed and launched a Biodiversity Action Plan. Building on existing project-level best practices, the plan formalises our guiding principles that seeks to ensure biodiversity impacts are assessed and that measures for protecting and restoring biodiversity are implemented in future funds’ investments. Additionally, the Plan seeks to ensure biodiversity neutrality across future funds' investments. The Biodiversity Action Plan builds on existing project-level practices and contains three guiding principles:
The adoption of CIP’s Biodiversity Action Plan will concretely and formally document our principal strategic initiatives within the biodiversity area. It will be further developed in years to come, to align with the emerging global best-practice frameworks and standards within biodiversity, many of which are still under development.
Vineyard Wind I, an 800 MW offshore wind project in Massachusetts, is the first commercial-scale offshore wind farm in the United States. The project is committed to ensuring the protection of marine habitats and minimising impacts on local fishermen.
The project demonstrates a harmonious blend of renewable energy and biodiversity conservation, particularly for the protected North Atlantic right whale. As part of the preservation efforts, the project has already implemented vessel speed restrictions, work-stop measures, and noise limitations, all aimed at protecting marine mammals during the development of renewable energy.
Vineyard Wind I is actively engaged in addressing other biodiversity concerns as well. As part of benthic habitat preservation efforts, geophysical and geotechnical surveys have been conducted over several years. The project has also participated in fisheries research and implemented long-term studies of species within the lease area with UMass Dartmouth School of Marine Science and Technology and the New England Aquarium Anderson Cabot Center for Ocean Life.
“Through stringent protective measures, investment in biodiversity research, and the application of leading monitoring technologies, the project sets a benchmark for responsible offshore wind development,” says Tim Evans, Partner at CIP.
In 2023, CI GMF I acquired the majority of Mulilo Energy Holdings, a South African renewable energy developer. Mulilo has established six community trusts in the Northern Cape, the province in which all of its existing projects are located. These trusts have created a significant impact across local communities.
Additionally, each project contributes a portion of revenue to socioeconomic and enterprise development initiatives each year. One initiative has financed two mobile healthcare buses, which are able to see more than 700 patients every month. The buses service the whole local district, providing access to basic medical care, such as dental care, vision and hearing screening for foundation phase learners, and HIV testing. A second initiative supports local entrepreneurs by providing financial support to start-ups, paying for accounting services such as tax assistance and bookkeeping.
The Mulilo Bursary Fund provides financial assistance to young South African citizens resident in the Northern Cape. Bursaries cover tuition, accommodation, textbook allowance and a monthly stipend. The programme has graduated 86 students to date, and 109 students are currently enrolled across a vast number of fields of study including Accounting, Law, Engineering, Social Studies and Medicine.
“Local communities are both stakeholders and shareholders in the projects that Mulilo develops by way of trusts and are part of identifying development needs. This means we can address the most pressing challenges,” says Robert Helms, Partner at CIP.
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