TCFD / Metrics and targets
Metrics and targets
Oakley operational footprint
Oakley’s direct operational footprint is largely office-based, with activities primarily related to professional services across six locations: London, Munich, Luxembourg, Milan, Madrid, Luxembourg and Bermuda. While Oakley has measured its carbon footprint since 2019, the emissions data presented in this section covers 2023 to 2025, reflecting the significant improvement in data quality and comparability from 2023 onwards.
Data quality and methodology
Oakley continues to enhance the quality, accuracy and granularity of its greenhouse gas (GHG) emissions data through a combination of primary data collection and estimation methodologies. Scope 1 and Scope 2 emissions are calculated using 100% actual consumption data, providing a strong basis for direct emissions and purchased energy. Scope 3 emissions are calculated using a mix of spend-based and activity-based methods depending on data availability and category-specific considerations. Oakley recognises that some Scope 3 categories remain subject to estimation uncertainty and will continue working to increase the share of activity-based data over time as data availability improves.
2025 performance and key drivers
Total GHG emissions increased by 52% in 2025, against headcount growth of 20% over the same period. The increase was driven primarily by Scope 3 emissions, particularly capital goods associated with the construction and fit-out of Oakley’s new London office at 60 Sloane Avenue, which contributed 4,525tCO₂e to Scope 3 category 3.2 and was calculated using a spend-based methodology. Excluding this one-off item, the year-on-year increase would have been approximately 6%. Scope 3 category 3.6, Business travel, was the other principal contributor to Scope 3 emissions, reflecting Oakley’s relationship-led business model and remaining an area of ongoing review. Market-based Scope 2 emissions increased following a methodology update to the carbon accounting tool, which revised the renewable energy factor applied to Oakley’s Munich and Milan office locations; this accounts for the majority of the market-based and renewable energy consumption movement. However, Scope 1 and Scope 2 movements were minor in absolute terms.
Year-on-year movements should be interpreted in the context of continued improvements to data quality and classification. In 2025, Oakley enhanced sector mapping for OPEX and CAPEX and improved spend classification across selected Scope 3 categories, supporting more consistent emissions attribution over time.
GHG breakdown by scope
GHG Scope (tCO2e) | 2023 | 2024 | 2025 | % change 2024–25 |
|---|---|---|---|---|
Scope 1 | 96 | 77 | 125 | +62% |
Scope 2 (market-based) | 39 | 25 | 41 | +64% |
Scope 2 (location-based) | 94 | 91 | 72 | -21% |
Scope 3* | 9,733 | 9,733 | 14,742 | +52% |
Total (market-based) | 9,691 | 9,835 | 14,909 | +52% |
The data in this table is unaudited.
*Scope 3 emissions presented in this table relate to Oakley’s operational footprint and exclude Category 15 financed emissions. 2025 financed emissions are disclosed separately.
Oakley has identified a near term GHG emissions reduction target for its Scope 1 and Scope 2 operational emissions. The methodology for the target was based on publicly available guidance from a leading voluntary initiative, but at this time, Oakley has chosen to keep its target non-public; the target provides the basis for Oakley's internal emissions management and reduction planning.
In the near term, delivery against this target is expected to be supported primarily through continued renewable electricity procurement across Oakley’s office network. Oakley does not currently purchase Renewable Energy Guarantees of Origin (REGOs), Renewable Energy Certificates (RECs) or carbon offsets; any future use of such instruments would be disclosed.
Operational energy consumption
2023
Total energy consumption:
443MWh
Total
renewable
energy
consumption:
362MWh
Total
non-renewable
energy
consumption:
81MWh
2024
Total energy consumption:
414MWh
Total
renewable
energy
consumption:
355MWh
Total
non-renewable
energy
consumption:
59MWh
2025
Total energy consumption:
381MWh
Total
renewable
energy
consumption:
299MWh
Total
non-renewable
energy
consumption:
82MWh
Financed emissions
Financed GHG emissions represent the largest share of Oakley’s overall carbon footprint, reflecting the nature of our business model as a private equity investor. We report financed Scope 1 and Scope 2 emissions, reflecting the most consistent and comparable data currently available across the portfolio. Although available, financed Scope 3 emissions are not currently reported due to variable data coverage and comparability; we expect to expand disclosure progressively as portfolio company capability and external data availability mature.
Data quality and methodology
Emissions are attributed in proportion to Oakley’s investment in accordance with the Greenhouse Gas Protocol and the Partnership for Carbon Accounting Financials (PCAF) framework. Where company-level data is not available, financed emissions are estimated using sector-based and financial proxy methodologies in accordance with the PCAF framework. In line with industry guidance, investments made from Q4 2025 onwards are excluded, reflecting their limited contribution to Oakley’s investment footprint for the year and the short timeframe available to meaningfully engage with portfolio companies and influence emissions management. The data presented in this report is unaudited.
We ask our majority-owned portfolio companies to measure their Scope 1, Scope 2 and controlled Scope 3 emissions (categories 3.3, 3.5, 3.6 and 3.7), supported through Oakley’s recommended carbon accounting platform or with the assistance of external consultants. We also request data from minority investments to inform portfolio-wide monitoring.
How our portfolio companies measure emissions
68%
of portfolio companies reported a company-level carbon footprint through Oakley’s recommended platform or external consultants
16
companies used Oakley’s recommended carbon accounting platform
12
companies worked with external consultants to support footprint calculation
1
company conducted internal calculations
12
company footprints were estimated by Oakley using sector- and financial-based proxies
Data includes both majority and minority investments.
Figures show the primary approach used per company.
2025 performance and key drivers
Reported financed Scope 1 and Scope 2 emissions remained flat year-on-year, despite portfolio growth. Data quality and coverage continued to improve, with more companies that previously estimated emissions using company financial data and sector-specific emission factors now reporting activity or spend-based calculations, which are lower. Additionally, some portfolio companies have implemented sustainability initiatives, primarily focused on renewable energy, which resulted in further reductions.
Total energy consumption across the portfolio increased year-on-year, from 231,744MWh in 2024 to 235,853MWh in 2025, primarily reflecting portfolio growth and improved coverage of energy sources, including direct fuel usage, purchased electricity, and heating, cooling and steam. The share of renewable energy consumption decreased from 26% in 2024 to 20% in 2025.
Total absolute energy consumption
2023*:
74,769MWh
2024:
231,744MWh
2025:
235,853MWh
Renewable energy
consumption**
2023*:
38,132MWh
2024:
59,863MWh
2025:
46,172MWh
Non-renewable
energy
2023*:
36,632MWh
2024:
171,881MWh
2025:
189,681MWh
* 2023 energy consumption was based on portfolio company sustainability survey responses, where coverage was more limited. From 2024, increased use of Oakley’s carbon accounting platform improved coverage and enabled more granular monthly energy data.
** 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.
The data is unaudited.
Total financed emissions
GHG Scope (tCO2e)* | 2023 | 2024 | 2025 | % change 2024–25 |
|---|---|---|---|---|
Scope 1 | 9,755 | 20,192 | 20,959 | +4% |
Scope 2 | 8,115 | 11,581** | 10,804 | -7% |
Total | 17,870 | 31,773 | 31,763 | -0% |
The data in this table is unaudited.
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.
Weighted average carbon intensity (Scope 1 + 2)
2023:
16tCO2e / €M revenue
2024*:
21tCO2e /€M revenue
2025:
19tCO2e /€M revenue
*2024 weighted average carbon intensity has been restated from 45 tCO2e/€M revenue to 21 tCO2e/€M revenue to correct a data reporting error by one portfolio company.
2025 financed emissions by Oakley sector
GHG Scope (tCO2e) | Business Services | Technology | Education | Consumer |
|---|---|---|---|---|
Scope 1 | 14,633 | 1,211 | 2,755 | 2,360 |
Scope 2 | 3,222 | 1,175 | 1,619 | 4,788 |
Total | 17,855 | 2,386 | 4,375 | 7,148 |
The data in this table is unaudited.
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.
Oakley has agreed an engagement framework for emissions reduction target-setting across its Flagship Funds portfolio. The framework applies to majority investments made from Fund V onwards and sets the following milestones:
- Majority investments will be engaged to set emissions reduction targets aligned with SBTi methodology within two years of investment
- 80% of in-scope portfolio companies to have targets set by 2030
- 100% of in-scope portfolio companies to have targets set by 2035.
These milestones refer to the proportion of in-scope portfolio companies with targets set, not to the achievement of specific emissions outcomes. Whether individual companies seek external validation of their targets through SBTi or an equivalent process is a matter for each management team and a commercial decision; Oakley does not require validation as a condition of the engagement framework.
Oakley’s engagement approach prioritises companies where climate-related financial exposure is most material, consistent with our portfolio risk profile. We have developed in-house tools and models to support portfolio companies in assessing the commercial viability of targets and developing well-grounded decarbonisation trajectories, working collaboratively with management teams. To date, two majority-owned portfolio companies – ProductLife Group and Contabo – have near-term emissions reduction targets validated by the SBTi, as highlighted earlier in this report. We continue to work with additional portfolio companies where similar commercial or strategic drivers are present, and will report progress against the engagement framework milestones in future disclosures.