A group of private equity firms has signed up to a new sustainability initiative that aims to reduce carbon emissions among portfolio companies and contribute to fighting climate change. The firms are teaming up to create the Initiative Climat International (iCI), a global network that will help them follow a set of principles to effectively analyse, manage and mitigate climate-related financial risk and emissions in their businesses.

So far, 47 private equity groups have signed up to the network, including Intermediate Capital Group, Coller Capital, Permira, Triton and Hg, according to the UN-backed Principles for Responsible Investment (PRI), which has officially endorsed the iCI. The group will share knowledge, tools, experience, and best practice to help build and manage both climate-aligned and climate-resilient portfolios.