In 2022, we took a significant step towards sustainability by using the internationally accepted Greenhouse Gas Emission (GHG) protocol to determine our carbon footprint. The results of our 2022 carbon footprint calculation are now in, and we are excited to share the news.
Although we have been calculating our own emissions since 2010, the GHG protocol has made our calculations more precise and structured. It is important to note that the 2022 calculation cannot be compared to previous years’ calculations due to the differences in calculation methods and the inclusion of new emission sources.
Our calculations for 2022 included all three scopes, except for investment emissions, which we estimated using data from the Upright Project, a Finnish company producing impact data. The total carbon footprint of our operations, excluding investments, was 769 tons of carbon dioxide equivalent (tCO2e) for 2022. For reference, the average carbon footprint of a Finn is around 10 tons per year.*
We found that the greenhouse gas emissions (scopes 1 and 2) caused by our own operations were relatively small. Our most significant sources of emissions came from purchased services and business travel that both fall under scope 3. Together, these two emission sources covered 92% of our emissions.
For direct and fund investments, we estimated the emissions to be approximately 32,000 tCO2e and 23,000 tCO2e respectively. The Upright Project’s emission modeling covered 85% of our portfolio companies for direct investments and 56% of the portfolio companies of our portfolio funds for fund investments.* The emissions of our investments are distributed according to our holdings.
“At Tesi, we are committed to the continuous development of sustainability. Calculating our carbon footprint gives us a good starting point for promoting sustainability and improving emission efficiency both in our own operations and in our portfolio”, explains Selja Ryöppy, Senior Analyst from the Development team.
We will be providing an even more detailed report on our own operations’ responsibility in 2022 and carbon footprint calculation in the Business Review of our upcoming Annual Report, which is set to be published in March. For those interested in learning more about our past performance, our previous years’ annual reports as well as impact reviews can be accessed here.
*Ministry of the Environment, Annual Climate Report 2019
**Modeling doesn’t cover all our investments due to limitations in data availability
Henri Hakamo, Chief Digital Officer, Tesi
+358 40 050 2721
The GHG protocol is a widely recognized and commonly used guideline for calculating and reporting an organization’s carbon footprint around the world. This protocol determines the climate impact of an organization’s most significant activities. To calculate the carbon footprint, various greenhouse gas emissions are combined into carbon dioxide equivalents (CO2e). This protocol classifies the emissions into three categories: Scope 1, Scope 2, and Scope 3. Scopes 1 and 2 refer to direct greenhouse gas emissions from an organization’s own operations and indirect greenhouse gas emissions related to purchased energy. Scope 3 includes indirect greenhouse gas emissions generated in the value chain.
Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter