To meet the world’s target of a net zero economy by 2050, the power sector needs to fully decarbonise by 2040, according to the International Energy Agency. Energy storage supports the transition by providing the flexibility needed for integrating intermittent energy sources, such as wind and solar, into the global power system – while increasing its efficiency and resilience.

One of the main benefits of battery energy storage systems is the technology’s ability to balance demand and supply of power. Storing excess electricity when supply from renewables exceeds demand avoids curtailment and allows these clean energy sources to contribute a greater proportion of electricity. This reduces the need for fossil fuel-based power and can help to bring down CO2 emissions from the power sector. The critical ancillary services provided by battery energy storage also ensure grid stability against the backdrop of declining system inertia, a consequence of the increased reliance on renewables.

Gore Street Energy Storage Fund’s (GSF) investment in battery energy storage systems, therefore, plays a crucial role in the green energy transition.

Reporting Frameworks

To outline its approach to environmental, social and governance (ESG) issues and report on progress, the Company publishes an annual ESG & Sustainability Report as part of its Shareholder Literature. GSF has also adopted a number of international frameworks for sustainability-related disclosures:

SFDR

The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation aimed at preventing greenwashing and increasing transparency in the market for sustainable investment products. As an investor in energy storage systems and a financial product that has been marketed in EU member states, the Company falls within the scope of the directive. It qualifies as an Article 8 product and promotes the following environmental characteristics:

  • enabling the integration of renewable energy sources into the power grid;
  • avoiding carbon emissions from the power sector.

The Company’s website disclosure can be found under Sustainability-Related Disclosures. An annual assessment of Principal Adverse Impacts (PAIs) and other sustainability-related metrics is published as part of the Company’s Annual Report and ESG & Sustainability Report, which are both available under Shareholder Literature.

TCFD

GSF does not fall within the scope of the UK Financial Conduct Authority’s climate-related reporting requirements but the Company has chosen to voluntarily report in alignment with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations to increase transparency around its governance and consideration of climate-related risks. The report is included in the annual ESG & Sustainability Report.

PRI

The UN-supported Principles for Responsible Investment (PRI) is an international framework promoting the integration of ESG factors into investment practice to support the move towards a more sustainable global financial system. As a signatory of the PRI, the Company is required to report on its progress towards incorporating the Principles from 2024.

Memberships and Awards

 

The Company is a member of the Global Impact Investing Network (GIIN) to connect with like-minded investors and help advance the network‘s goal of scaling impact investing across the world.

The Fair Cobalt Alliance (FCA) is a multi-stakeholder initiative aimed at professionalising the Democratic Republic of the Congo’s artisanal and small-scale (ASM) cobalt mining sector and supporting local communities. In an effort to engage with the wider cobalt supply chain and to improve working conditions, GSF joined the Alliance in 2023. 

 

The Company has been awarded the London Stock Exchange’s Green Economy Mark, recognising that it derives more than 50% of its revenues from products and services that contribute to environmental objectives.