First Affirmative Plays Matchmaker to Escalate Renewable Energy Adoption
Sometimes the most effective engagement strategy is to make some introductions and get out of the way!
We asked one of our portfolio companies to address our concern that their growing global data center energy footprint continues to be powered by fossil fuel sources. Our discussions revealed that their commitment to ramp up renewables has been impeded by the steep learning curve. By partnering with CERES, we were able to arrange a productive meeting that introduced key representatives from the company that are responsible for energy procurement and Kevin Hagen, Vice President of ESG Strategy of Iron Mountain, another company in which we invest and a leader when it comes to renewable energy. Kevin spearheaded the company’s remarkable seven-year transition to renewable energy. The Company’s data centers have been powered by 100% renewable energy since 2017 and they achieved 80% overall renewable energy in 2020. This is a record we would like all of our companies to emulate.
Investors can make a compelling case for renewable energy adoption, but we are by no means experts on how a company can get there. Peers that are leaders and willing to share their expertise — and make a compelling business case that laggards ignore at their peril — are well positioned to accelerate the transformation of their industry, one conversation at a time.
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