Our first net zero target

The aim of the initiative is to bring together asset managers committed to supporting the goal of reaching net zero GHG emissions by 2050 or sooner, in line with the 2015 Paris Goals. Given the level of operational emissions reported by Syncona, we believe that the greatest impact we can have in supporting our net zero aspiration is by working alongside our portfolio companies to reduce their emissions.

In April 2024 our first net zero target was approved by NZAM. Our target uses a bespoke methodology modelled on the Science Based Targets initiative’s (SBTi) portfolio coverage approach. We believe that it is more appropriate to initially focus our engagement on net zero with our later stage strategic portfolio companies, given that they are more likely to have greater operational environmental footprints, as well as the necessary resources and internal support available to develop a target.

We have therefore set a coverage boundary which follows SBTi’s Private Equity sector guidance for venture capital. This states that companies are in scope when they have:

• More than 50 employees
• Either an annual revenue of over $10 million or a balance sheet of more than $10 million
• Been in existence for more than five years

The guidance also states that the private equity firm should have more than 15% of the fully diluted shares of the portfolio company and a board seat.

Greenhouse gas scopes included

Aligned with SBTi's guidance for small and medium enterprises (SMEs), we will expect our in-scope portfolio companies to set interim targets for 2030 across Scope 1-2 emissions, with a commitment to measure and reduce Scope 3 emissions