Gravity Climate Joins ESG Data Convergence Initiative (EDCI) as a supporting Data Platform to Ignite Collective Action Around Industry Decarbonization and Portfolio Resilience

Private equity firms like MiddleGround Capital and New Mountain Capital are already using the platform to advance ESG initiatives, reduce emissions, and participate in the EDCI

SAN FRANCISCO, Feb. 20, 2024 /PRNewswire/ -- Gravity Climate, a technology company helping private equity firms manage their portfolios' carbon footprints, is now formally supporting the ESG Data Convergence Initiative (EDCI) – a first-of-its-kind, industry-led effort by the private equity community to build consensus on meaningful ESG data. As part of this arrangement, Gravity Climate also announced the capability to easily share data with the EDCI on an automated basis. This newest feature significantly eases participation for the more than 375 private equity firms in the initiative, supporting better measurement and outcomes around ESG efforts. 

Co-chaired by CPP Investments and Carlyle and supported by BCG, the ESG Data Convergence Initiative launched in 2021 to address the opaque and inconsistent approach to ESG measurement in the face of tightening SEC disclosure requirements and a growing need to improve PE firms portfolios' resiliency. With a consistent data framework, industry-wide benchmarks and a yearly reporting cycle, firms get a better understanding of where they can adjust their strategies and meaningfully improve performance. 

Gravity is designed for engagement across supply chains and portfolios. PE firms can easily gather the data required for emissions reporting and instead focus their energy on decarbonization action. As a supporter of the EDCI, Gravity Climate allows customers to gather all EDCI-required metrics across their portfolio and submit to the EDCI through secure integration. The integration includes automatic data collection with the EDCI framework, a one-click submission, and automated validation checks for a more streamlined process. 

"Private equity firms can have an outsized impact on carbon emissions by instigating and accelerating the climate action of their portfolio companies. With increasingly volatile and expensive costs of energy, reducing carbon across their portfolio also aligns to PE's predominant priority of maximizing returns," said Saleh ElHattab, Founder and CEO of Gravity Climate. "We believe the EDCI will help firms make significant progress toward their emissions goals while also improving the resiliency of their portfolios by inspiring cost-effective action. Our partnership makes it possible for firms to participate in the EDCI with ease and focus on implementing changes that reduce their portfolios' emissions and costs." 

Private equity firms like Middleground Capital and New Mountain Capital are already empowering portfolio companies to move beyond carbon accounting toward real energy management and carbon reductive action that drives impressive ROI. Energy management processes with more actionable, data-based guidance lowers emissions and drives impressive ROI. With Gravity, private equity firms are onboarding its portfolio companies so that it can collect their emissions data through automated processes, and submit to the EDCI.

"ESG is top of mind at MiddleGround Capital–our motto is 'Leaving the world better than we found it,'" said Madelyn Tutewiler, Director of ESG at MiddleGround Capital. "With Gravity, we have been able to do more than just measure our carbon footprint effectively. We have been able to implement decarbonization plans with our portfolio companies that drive measurable reductions in emissions while also delivering business value."

To learn more about Gravity Climate's platform, visit their website here. More information on EDCI can be found here.

About Gravity Climate
Gravity Climate helps industrial businesses and their supply chain partners manage their carbon footprint. Gravity's software platform makes it easy and cost-effective for companies to measure the emissions of their company and products, decarbonize their operations, and promote their sustainability efforts. Learn more and arrange a demo at www.gravityclimate.com or follow @gravityclimate. 

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SOURCE Gravity Climate

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