Publication of Inaugural ESG and Sustainability Report
31 August 2022
Gore Street Energy Storage Fund, London's first listed energy storage fund supporting the transition to low carbon power, is pleased to announce the publication of its annual ESG and Sustainability Report.
This inaugural report reflects and underlines the Company's commitment to sustainability. It is designed to provide investors and stakeholders with a succinct view of the Company's approach to this important subject and to enhance the Company's existing portfolio reporting. As such, Gore Street has taken significant strides toward improving transparency through ESG disclosures, allowing the Company to be held accountable for meeting its future targets and goals.
The Company has been working to ensure that sustainability is embedded throughout its business strategy. This report tracks various ESG metrics, including Scope 1, Scope 2, and Scope 3 greenhouse gas emissions and the Company's carbon footprint.
The report will be available on the Company's website: https://www.gsenergystoragefund.com/content/investors/shareholder-literature
CEO of Gore Street Capital, the investment adviser to the Company, Alex O'Cinneide commented:
"I am pleased to announce the publication of the Company's first ESG and Sustainability Report. As the world grapples with the severity of the climate crisis and the energy transition gathers pace in replacing fossil fuels with sustainable alternatives, the necessity of energy storage is ever more critical as we transition toward a greener grid and economy, in which the global economy and society can thrive. Energy storage sits at the forefront of the transition to a low carbon society, and the Company is playing an important role in the decarbonisation of electricity grids internationally."
Key achievements of the Company include:
- During the year, GSF greatly increased its portfolio, which now consists of 291.6 MW of operational assets and 407 MW of projects under construction. The Company's operational assets helped avoid 5,454.42 tCO2e and store 7,884.56 MWh of renewable energy.
- Diversity in the workplace leads to better business. At the financial year end in March 2022, two-thirds of the Investment Manager's executive team were from non-white ethnicities, and women accounted for nearly half of the employees at the Investment Manager.
- We set out to better understand the impacts of our assets and provide greater transparency to stakeholders. In choosing to be an Article 8 SFDR Fund, we are committing to greater data capture and disclosure levels as we aim to form a more complete understanding of our environmental impact.
During the year, the Investment Manager enhanced its ESG capabilities by hiring an in-house ESG team, who are responsible for shaping and advancing the ESG strategy and putting it into practice.
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7 408 4090
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance)
Tel: +44 (0) 20 7742 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
Email: [email protected]
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and seeks to provide Shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.