TCFD / Metrics and targets
Metrics and targets
Operational and financed emissions
We recognise the importance of climate-related impacts across both our direct operations and our investment activities. As our team and portfolio continue to grow, we remain committed to measuring, managing and reducing our carbon footprint by improving data quality and implementing strategic initiatives.
Oakley operational footprint
Building on the improvements we made in the 2023 carbon footprint calculation, we focused on strengthening data quality and accuracy across Scope 1, 2 and controlled Scope 3 GHG emissions. In our 2024 carbon footprint, 100% of Scope 1 and 2 GHG emissions were calculated using actual consumption data, and we were able to move from spend-based estimates used in prior years to activity-based data for a portion of Scope 3 GHG emissions. As the data quality improves through the use of more activity-based data, the accuracy of data improves however year-on-year comparability is reduced as emissions are now derived from more specific operational data.
GHG Scope (tCO2e) | 2020 | 2021 | 2022 | 2023 | 2024 | % change 2023–24 |
|---|---|---|---|---|---|---|
| Scope 1 | 36 | 58 | 83 | 96 | 77 | -19% |
| Scope 2* | 109 | 248 | 200 | 39 | 25 | -36% |
| Scope 3 | 295** | 429** | 4,627*** | 9,556*** | 9,733*** | 1.8% |
| Total | 440 | 662 | 4,882 | 9,691 | 9,835 | 1.50% |
* Pre-2023, Oakley reported location-based Scope 2 GHG emissions only (see our 2022 Responsible Investment Report for historical emissions). However, as the GHG Protocol requires disclosure of both, since 2023, Oakley has reported market-based emissions to reflect its active commitment to reduce its operational footprint by purchasing renewable energy where possible.
** 2020 and 2021 Scope 3 emissions are limited to business travel and employee commuting.
*** Scope 3 emissions only cover operational emissions and exclude category 3.15 financed emissions. 2024 financed emissions are disclosed separately below.
2023
Total electricity consumption:
443MWh
Total renewable electricity consumption:
362MWh
Total non-renewable electricity consumption:
81MWh
2024
Total electricity consumption:
413.5MWh
Total renewable electricity consumption:
355MWh
Total non-renewable electricity consumption:
58.5MWh
Despite a 30% increase in headcount from 2023 to 2024, Oakley’s total operational emissions increased by only 1.5%, as a result of ongoing efforts to improve energy efficiency.
Scope 1 emissions decreased by 20% due to:
- The repair of a refrigerant leak in the London office at the end of 2023
- The removal of refrigerant use in the Munich office, where cooling is delivered through a water-based ceiling ventilation system not reliant on refrigerants.
Scope 2 emissions decreased by 36%, driven by:
- Increasing renewable energy use to 52% in the Milan office
- The Luxembourg office’s switch to 100% renewable electricity from September 2023.
Scope 3 emissions increased by only 1.8%, reflecting operational growth and improved data quality:
Category 3.2 – Capital goods emissions declined by 47%, driven by an 89% reduction in equipment and hardware as well as a 77% in furniture, fixtures and supplies. Volatility reflects the use of spend-based estimates.
Category 3.6 – Business travel emissions increased by 19%, primarily from a 57% increase in flights as the Oakley team expanded, our portfolio became more geographically diverse, and we were in a fundraising year. Flights were calculated using 100% activity-based data. However, emissions from ground transportation only increased by 4% due to better categorisation of data and removal of double counting emissions.
Category 3.7 – Employee commuting emissions rose by 45%, due to employee growth and improved response rates in our commuting survey, enhancing data accuracy.
In Q4 2024, Oakley also refreshed its travel policy, with a focus on operational efficiency, which is expected to contribute to emissions reductions in future years.
Financed emissions and portfolio engagement
Due to the nature of our business, the financed emissions associated with our investments constitute the largest share of our overall carbon footprint.
In 2023, we calculated financed emissions primarily using sector-based financial proxy data. In 2024, we significantly expanded this effort, requesting all majority-owned portfolio companies to measure their Scope 1, 2 and controlled Scope 3 GHG emissions, which encompassed categories 3.3, 3.5, 3.6 and 3.7. Companies were encouraged to use our recommended carbon accounting platform or work with external experts. We also requested carbon emissions from our minority investments to create a more complete view of our financed emissions. Investments made in Q4 2024 or later were excluded due to the limited engagement period post-acquisition in line with industry guidance.
How our portfolio companies measure emissions
65%
of portfolio companies measured their carbon emissions through their own initiatives or our recommended carbon platform, a 27% increase from 2023
12
company footprints were estimated using sector and financial data
1
company conducted internal calculations
8
companies worked with external consultants
13
companies used our recommended carbon accounting platform – up from 5 in 2023
Data includes both majority and minority investments
This progress reflects our focus on enabling climate impacts in our value chain as many of our investments are in the early stages of their sustainability journey. Our priority in 2024 was to demonstrate the strategy value of carbon accounting, not just reporting, but for identifying operational inefficiencies, informing business decisions and uncovering growth opportunities.
Energy consumption
Total absolute energy consumption
2023:
74,769MWh
2024:
231,744MWh
Renewable energy
consumption
2023:
38,132MWh
2024:
59,863MWh
Non-renewable
energy
2023:
36,632MWh
2024:
171,881MWh
Carbon footprint (Scope 1 + 2)
2023:
17,870tCO2e
2024:
46,489tCO2e
Weighted average carbon intensity (Scope 1 + 2)
2023:
16tCO2e / €M revenue
2024:
45tCO2e /€M revenue
The data in this table is unaudited | |||
|---|---|---|---|
GHG Scope (tCO2e) | 2023 | 2024 | % change 2023–24 |
Scope 1 | 9,755 | 20,192 | 107% |
Scope 2 | 8,115 | 26,296 | 224% |
Total | 17,870 | 46,489 | 160% |
For portfolio companies using Oakley’s recommended carbon accounting platform, we adopted a cohort-based approach, providing training sessions, webinars and opportunities for peer exchange to upskill portfolio company teams and support the data collection process. Our Sustainability Team was also able to review the data and engage directly with portfolio companies, allowing for shared learning and real-time support.
All actual and estimated carbon footprint data from our investments was calculated in line with the Greenhouse Gas Protocol and attributed to Oakley’s investment in line with the Partnership for Carbon Accounting Financials (PCAF) standard, the industry standard GHG emissions accounting in financial services. We continue to work with portfolio companies to improve the quality of emissions data over time.
The Weighted Average Carbon Intensity (WACI) of our portfolio increased by 181%, rising from 16 to 45 tCO2e per million EUR revenue between 2023 and 2024. This change reflects a combination of methodological updates, portfolio growth, and improved data accuracy.
First, the platform used to calculate our carbon footprint adopted updated emission factors from the Comprehensive Environmental Data Archive (CEDA). These updates incorporate revised lifecycle assessments, changes in the global energy mix and energy expenditure, updated global trade data, and more precise attribution of greenhouse gas emissions across sectors. As a result, certain sectors now carry higher emission factors than those applied in 2023.
Second, the increase also reflects the growth and evolving composition of our portfolio. This year’s footprint includes nine additional companies, such as Steer Automotive Group, ProductLife Group and Liberty Dental Group. These are multi-site businesses with operational energy demands that have contributed to both higher absolute emissions and increased carbon intensity. We are actively engaging with these companies to support the development of carbon reduction strategies.
Finally, the transition from sector-based estimates to company-specific data for a significant portion of the portfolio has resulted in a more accurate and granular emissions profile. While this has led to higher reported emissions for certain companies, it provides a stronger foundation for identifying and implementing targeted emissions reduction measures in future years.
As part of our annual portfolio site visits, we reviewed each company’s emissions and held tailored strategic conversations. For portfolio companies in the early stages of carbon emissions measurement, the focus was on data completeness and process improvements. For more advanced businesses, discussions centred on deeper analysis, strategic positioning and stakeholder engagement.
Our updated process has allowed us to obtain better quality and more complete data, better understand our portfolio companies’ states and challenges, as well as engage with them to develop strategic initiatives to support their development and growth. We plan on taking the learnings forward to further refine our process in the next years and continue being a partner to our portfolio companies throughout their journey.