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KKR’s green portfolio project expands
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Kohlberg, Kravis and Roberts (KKR) and the Environmental Defense Fund (EDF) is entering the second phase of a remarkable experiment that fuses private equity investing and environmentally sound business practices, according to a Wall Street Journal report.
As reported by Propel Earth Initiatives on March 13, KKR and EDF collaborated to create a series of tools to measure several companies’ environmental impact. These companies, which are part of KKR’s investment portfolio, follow the recommendations based on the results of the tools’ measurements to reduce their carbon footprint and reduce waste. US Foodservice, Primedia, and Sealy Inc were part of the Green Portfolio Project pilot project. The bold experiment was a success, resulting in a total savings of $16.4 million and the prevention of 25,000 metric tons of greenhouse emissions.
Now KKR and EDF are bringing five more companies into the Green Portfolio Project’s fold. Medical device companies Accellent and Biomet, discount retailer Dollar General, software service company SunGard Data Systems, and hospital operator HCA are now using KKR and EDF’s environmental tools to see how they can reduce their environmental impact and save money.
Four of the five companies will establish a maximum baseline for greenhouse gas emissions at their facilities. In addition, Dollar General also plans to reduce waste from its operations and stores, while SunGard aims to increase energy efficiency at its data centers.
KKR has launched a Web site that describes and demonstrates sample tools, best practices and case studies for improving environmental performance to promote action among its portfolio companies. The site also outlines KKR’s collaboration with the EDF.
UPDATE:
KKR and EDF work to cut costs for their portfolio companies through environmental innovation. It appears as though other private equity firms may follow their lead.
KKR and EDF video source
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