VCs Form Alliance To Guide Startups On Net Zero Future
In an attempt to make a sustainable future, Twenty-three venture capital firms have came together to guide young entrepreneurs and their investors to deploy the funds towards reducing greenhouse gas emission across the world.
The twenty-three member alliance, Venture Climate Alliance (VCA), is firm that it active primarily active in the United States and Europe. It aims to guide companies its members have backed to set climate-related goals in their growth strategies from the outset.
The group will operate under the Glasgow Financial Alliance for Net Zero (GFANZ), which presently houses groups of larger corporations aiming to reduce emissions to no more than what can be absorbed by natural sinks such as trees or by employing technology.
Part of the objective is to create criteria for monitoring and reporting carbon emissions, which is information that worldwide regulators want corporations to start publishing soon. VCA will also be a formal partner of the United Nations' Race to Zero initiative, with portfolios ranging from less than USD 50 million to more than USD 50 billion.
VCA members plan to reach net-zero emissions from their own operations. By 2030 or sooner, it intends to cut down it electricity consumption in their offices and business travel including electricity used in their offices and business travel.
Former Bank of England governor Mark Carney co-chairs GFANZ. Some organisations in that alliance have experienced high-profile departures in recent months from members who claimed the need to stay autonomous and avoid any antitrust violations.
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