Environment / Portfolio: Energy and climate change continued
Energy and climate change in the portfolio
The majority of Oakley’s emissions come from the firm’s portfolio companies in the form of financed emissions.
Oakley monitors carbon emissions from its investments in line with the Greenhouse Gas Protocol and the Partnership for Carbon Accounting Financials (PCAF) standard. Building on the formally established baseline in 2023, Oakley has continued to strengthen its financed emissions approach by engaging portfolio company management teams early in the ownership period, supporting improved data collection and more consistent measurement practices across the portfolio.
In 2025, Oakley continued to support majority-owned portfolio companies in measuring their emissions, supported through Oakley’s recommended carbon accounting platform and, where appropriate, external expertise. In line with industry guidance, investments made from Q4 2025 onwards are excluded from the financed emissions footprint due to the limited period available for post-acquisition engagement.
Oakley’s ongoing priority is to ensure carbon accounting is used not only for reporting, but also to help portfolio companies identify opportunities to improve operational efficiency and inform decision-making over time.
Please refer to the TCFD report for full details on Oakley's financed emissions.
Financed GHG emissions (tCO2e)1
Total:
31,763tCO2e
(2024: 31,748tCO2e)
Scope 1:
20,959tCO2e
(2024: 20,192tCO2e)
Scope 2:
10,804tCO2e
(2024: 11,581tCO2e)
Total absolute energy consumption
235,853MWh
(2024: 231,744MWh)
Renewable energy consumption2
46,172MWh
(2024: 59,863MWh)
Non-renewable energy consumption
189,681MWh
(2024: 171,881MWh)
Weighted average carbon intensity (Scope 1+2)
19tCO2e/€M revenue
(2024: 21tCO2e/€M revenue)
1 Financed Scope 3 emissions are not currently reported due to variability in data availability, quality and comparability across the portfolio. Oakley is working with portfolio companies to improve Scope 3 measurement over time, with a focus on material emissions categories and addressing key data gaps.
2 Renewable energy consumption is reported based on the contractual terms of specific tariffs purchased by portfolio companies from their energy providers, rather than through claimed Renewable Energy Certificates (RECs). Where an energy provider reports that a proportion of its general grid mix is renewable, but the portfolio company purchased a standard tariff, the associated consumption has not been treated as renewable.
This data is unaudited.
Climate risk and opportunity
At Oakley, we view climate change as both a systemic risk and a driver of long-term opportunity across our portfolio.
Physical climate impacts and the transition to a lower-carbon economy can affect operations, supply chains, costs and customer expectations, making climate risk assessment an important input to resilience and value creation planning.
For the 2025 climate risk assessment, Oakley used an external climate risk analytics platform to assess portfolio exposure to physical and transition risks across multiple scenarios. The assessment considers companies’ operating footprints and, where relevant data is available, key supply chain and sourcing locations. It also looks across short-, medium- and long-term time horizons, reflecting how risks may evolve by 2030, 2035 and 2050. The outputs support prioritisation of monitoring and engagement during the holding period.
Please refer to the TCFD report for more information on Oakley's climate risk assessment.
Transition pathways
Net Zero 2050
Below 2°C
Delayed transition
Nationally Determined Contributions
Physical pathways
Low carbon world (lower warming)
Disorderly transition
Hothouse world (higher warming)