(24 January 2022) Trustar Capital (formerly known as CITIC Capital Partners, a private equity affiliate of CITIC Capital Holdings Limited) is pleased to announce that it has obtained the “Certificate of Redemption of Carbon Emissions Reduction” and “Carbon Neutral Certificate” issued by the China Emissions Center in Guangzhou, becoming the first private equity firm in China to achieve annual carbon neutrality. Trustar Capital reached this milestone through the purchase and voluntary redemption of carbon offsets, including Guangdong PHCER (Pu Hui Certified Emission Reduction) and CER (Certified Emission Reduction).
In addition to day-to-day energy conservation and carbon reduction efforts, on this carbon neutral initiative Trustar Capital worked with the Governance Solutions Group, an independent third-party sustainability advisor, to measure the firm’s carbon emissions footprint in the 12 months between November 2020 and October 2021. The analysis included emissions from electricity, self-owned vehicles, waste disposal, as well as business travel.
For emissions mitigation, Trustar Capital purchased carbon offsets from the China Emissions Exchange in
Guangzhou, including PHCER offsets generated by a forestation project in Yingde, Guangdong. Located in a low-income village surrounded by hills, the project not only reduces carbon from the atmosphere, but also increases the income of local farmers and promotes the sustainable development and common prosperity of the local society. Trustar offset its remaining carbon emissions through redemption of CER generated by a wind power plant in Taishan, Guangdong.
“Advancing ESG and sustainable development has been a key focus of Trustar Capital in recent years.
Following the announcement of China’s pledge to reach peak carbon by 2030 and carbon neutrality by 2060, we redoubled our efforts in exploring how investment management firms could contribute towards low-carbon transformation. Our announcement today demonstrates our commitment to achieving carbon neutrality in our operational activities. Going forward, we hope to work with our portfolio companies and fellow investment management firms to contribute to the green transition together.” Said Eric Xin, Senior Managing Director and Managing Partner of Trustar Capital.
Going forward, Trustar Capital will continue to measure its carbon footprint and, on top of annually offsetting through outside credit purchases, will make every effort to reduce its carbon emissions intensity. In addition, Trustar Capital will actively implement ESG in its investment philosophy and process, actively invest in carbon neutral-related industries, and advocate for ESG and low-carbon efforts among its portfolio companies.
Last October, Trustar Capital completed a strategic investment in Intramco Europe B.V., a pioneer in the
electric vehicle charging component market, with the goal of helping advance the growth of the new energy industry. Trustlink Group, another Trustar portfolio company, is a leading integrated facility management (IFM) company in China. Under the national carbon neutral strategy, Trustlink will begin providing comprehensive energy and emissions reduction solutions to customers, make every effort to build China’s leading zero-carbon IFM service provider. Trustar portfolio McDonald’s China has opened over 1,200 LEED-certified green restaurants. It will continue its emissions-reduction efforts together with its suppliers and partners, while also spreading the go-green message to its customers.
In 2022, Trustar Capital will continue to integrate ESG into every aspect of its operations and contribute to the sustainable development of society.
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About PHCER and CER
PHCER (Pu Hui Certified Emission Reduction, or “PHCER”), is the certified voluntary emission reduction
amount generated by the actions of enterprises or individuals in specific pilot areas in Guangdong Province that result in the reduction of greenhouse gas emissions. The Guangdong Provincial Department of Ecology and Environment is in charge of PHCER, including creating its methodology and filing and issuing PHCER. As a supplement to the existing ecological compensation mechanism, the forestry carbon sink Carbon Pu Hui projects can bring short-term stable income to project applicants. The implementation of these projects help solve the problems of long forestry production cycle and slow earnings generation. It could also help alleviate poverty in mountainous areas and implement targeted poverty alleviation in rural areas, thus increasing social welfare. (source: Guangdong Forestry Carbon Sink Carbon Pu Hui Methodology)
CER (Certified Emission Reduction) is the certified emission reduction in the Clean Development Mechanism (“CDM”). The certified emission reduction refers to one unit of emission reduction which complies with the principles and requirements of the Clean Development Mechanism, and has been approved by the United Nations Executive Board. CER includes the development, validation, registration, monitoring, verification, and certification of emission reduction projects. One unit of CER is equivalent to one metric ton of CO2-equivalent reduction. Organizations could voluntarily redeem and neutralize greenhouse gas emissions with CER. (source: Summary of Clean Development Mechanism (“CDM”) and Project Implementation)
About Trustar Capital
Trustar Capital (formerly known as CITIC Capital Partners), focuses on control buyout opportunities globally and has completed over 80 investments since inception across China, Japan, U.S., Europe, etc. Trustar Capital currently manages USD7.8 billion of committed capital. For more information, please visit
www.trustarcapital.com.
Trustar Capital is a private equity affiliate of CITIC Capital Holdings Limited. Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD16 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 150 portfolio companies that span 11 sectors and employ over 800,000 people around the world.
For media enquiries, please contact:
Cindy TAM
Director, Corporate Relations
CITIC Capital Holdings Limited
Tel: +852 3710 6813
Irene GAO
Senior Associate, Corporate Relations
CITIC Capital Holdings Limited
Tel: +852 3710 6814