We are putting the spotlight on the judges tasked with finding the 2023 Future 40: Climate Change Champions
We asked Rebecca Svensøy, General Counsel & Head of ESG, FSN Capital for her thoughts on the role that private markets investment has in combatting climate change, and what she is looking forward to seeing from the Future 40: Climate Change Champions submissions.
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Introducing Rebecca Svensøy
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Rebecca Svensøy, General Counsel & Head of ESG, FSN Capital
Rebecca joined FSN Capital in 2015. FSN Capital is a leading Northern European private equity investment firm and advisor to the FSN Capital funds. The FSN Capital Funds have €4 billion under management and make investments in growth-oriented Northern European companies. The FSN Capital Funds are committed to being responsible investors.
FSN Capital’s historic strong focus on ESG is anchored in the ethos “We are decent people making a decent return in a decent way”. In 2023 FSN Capital published the 10th annual ESG report. ESG is considered core part of portfolio value creation, and the FSN Capital ESG team works hands-on with all portfolio companies to capture the commercial value of ESG. The FSN ESG team has developed industry leading framework to support this work.
FSN Capital is committed to Net Zero, and in 2021 FSN Capital participated in the development and testing of the SBTi’s sector guidance for Private Equity together with other members of the Initiative Climate International. Through this work FSN Capital was among the very first private equity firms in the world having their science-based targets validated by the SBTi.
Rebecca is a lawyer with the law degree from the University of Oslo, as well as an MBA from Bond University, Australia.
FSN Capital’s historic strong focus on ESG is anchored in the ethos “We are decent people making a decent return in a decent way”. In 2023 FSN Capital published the 10th annual ESG report. ESG is considered core part of portfolio value creation, and the FSN Capital ESG team works hands-on with all portfolio companies to capture the commercial value of ESG. The FSN ESG team has developed industry leading framework to support this work.
FSN Capital is committed to Net Zero, and in 2021 FSN Capital participated in the development and testing of the SBTi’s sector guidance for Private Equity together with other members of the Initiative Climate International. Through this work FSN Capital was among the very first private equity firms in the world having their science-based targets validated by the SBTi.
Rebecca is a lawyer with the law degree from the University of Oslo, as well as an MBA from Bond University, Australia.
FSN Capital
What do you see as private markets’ role in combating climate change?
Private markets play a key role in the global economy and thereby an essential role in combating climate change. The private equity industry is in a unique position to both capture the investment opportunity arising from the green transition, and to increase the speed of the transition by accelerating decarbonisation in its portfolio. As active owners, private equity influences the commercial strategy of its portfolio companies, and with agile management teams these companies can shape their respective industries.
Collaboration is vital to address climate change, and as evidenced by several industry initiatives we see that private equity is both equipped and motivated to lead the way.
FSN Capital Partners’ ethos, “we are decent people making a decent return in a decent way”, translates into an investment approach that integrates climate action in the service of both our investors and the future generations that follow them. Our ambition is to have impact far beyond our ownership period.
Collaboration is vital to address climate change, and as evidenced by several industry initiatives we see that private equity is both equipped and motivated to lead the way.
FSN Capital Partners’ ethos, “we are decent people making a decent return in a decent way”, translates into an investment approach that integrates climate action in the service of both our investors and the future generations that follow them. Our ambition is to have impact far beyond our ownership period.
How have changes in attitude towards climate change in recent years impacted private markets investment?
As we look into the future, there are many unknowns, yet one thing is certain – we must face the brutal facts. As the dangers of climate change become more palpable, a shift in private markets is more evident. Recognizing the urgency of large-scale societal transformation, LPs, companies, and talent are today re-evaluating the manager landscape, aiming to align with proven leaders in sustainability with Net Zero strategies.
Relatedly and at the same time, a bifurcation within the manager landscape itself is taking shape, as forward-looking GPs take a proactive approach to ESG integration. Like FSN Capital, these managers have committed not only to avoid investments in the most polluting industries; but are actively investing in talent and expertise to direct capital towards companies addressing key climate challenges. In essence, a transformation shift is unfolding in private market investments today; the successful managers of the future will be those who generate outsized returns by nurturing rather than harming the environment.
Relatedly and at the same time, a bifurcation within the manager landscape itself is taking shape, as forward-looking GPs take a proactive approach to ESG integration. Like FSN Capital, these managers have committed not only to avoid investments in the most polluting industries; but are actively investing in talent and expertise to direct capital towards companies addressing key climate challenges. In essence, a transformation shift is unfolding in private market investments today; the successful managers of the future will be those who generate outsized returns by nurturing rather than harming the environment.
What will make submissions stand out among the entries for the Future 40 Climate Change Champions?
To be a climate champion means leading the way.
The strongest submissions will have clear and ambitious climate targets that affect both the type of investments they will do in the future and how they work with portfolio companies, substantiated with evidence that demonstrates their commitment and how they will execute their strategy.
In the transition to a low-carbon society, collaboration with industry peers is also an important component in leading the way through sharing of best practice and development of industry standards.
Other important aspects will be integration of climate considerations throughout the life cycle of a portfolio company, from the due diligence process through exit, development of inhouse decarbonization knowledge beyond the sustainability team, a standardized approach to support portfolio companies decarbonization journey, and transparent reporting of progress towards climate ambitions.
The strongest submissions will have clear and ambitious climate targets that affect both the type of investments they will do in the future and how they work with portfolio companies, substantiated with evidence that demonstrates their commitment and how they will execute their strategy.
In the transition to a low-carbon society, collaboration with industry peers is also an important component in leading the way through sharing of best practice and development of industry standards.
Other important aspects will be integration of climate considerations throughout the life cycle of a portfolio company, from the due diligence process through exit, development of inhouse decarbonization knowledge beyond the sustainability team, a standardized approach to support portfolio companies decarbonization journey, and transparent reporting of progress towards climate ambitions.