- Finance & Financial Services
- Scope 1 and 2 Accounting
- Scope 3 Accounting
- Reductions and Offset Marketplace
How Cavalry Ventures became one of the world’s first carbon-neutral VC firms
Founded in 2015, Cavalry Ventures is a Berlin-based venture capital firm that invests in European software businesses in pre-seed and seed stages. The firm and its curated network of 200+ investors provide hands-on guidance to their portfolio companies on areas vital to growth such as product, HR, marketing and sales, finance, and more. Cavalry has a long history of investing in groundbreaking technologies, companies, and ideas and has backed over 40 companies since its inception.
Cavalry Ventures wanted to integrate climate action into its DNA and partnered with OneTrust to become one of the world’s first carbon-neutral VC firms. The team’s goal is not just to become carbon neutral themselves, but to encourage their portfolio companies and their network to do the same. With the OneTrust ESG & Sustainability Cloud, Cavalry aimed to analyze and offset its carbon emissions.
- Calculated a total carbon footprint of 70.9 t CO2e for 2019
- Offset 70.9 t CO2e – 100% of total 2019 emissions – by supporting three certified climate action projects
Climate change is the greatest challenge of the 21st century. We want to be part of the solution by reducing our own footprint and encouraging our investor network and portfolio companies to rethink in a sustainable way.Rouven DresselhausCavalry Ventures Co-Founder & Managing Partner
Phase 1: Calculating Cavalry’s carbon footprint
Cavalry’s carbon footprint comprises the sum of greenhouse gases that are released into the atmosphere by all aspects of the company’s direct operations. This does not include the portfolio companies that Calvary has invested in. For this analysis, OneTrust looked at activities including office operations, business travel, employee commuting, employee meals, emissions from the company car, and events. These emissions are calculated in CO2 equivalents (CO2e) so they can be added and compared across categories.
The biggest share of Cavalry’s carbon footprint, 29.8 t CO2e, was caused by its business travels – scouting and visiting potential new investments and existing portfolio companies. The second biggest share, 28.1 t CO2e, came from office operations. Lastly, employee meals made up the third biggest at 13 t CO2e.
Adding up all emissions, Cavalry’s 2019 carbon footprint was:
70.9 t CO2e total carbon emissions
- 29.8 t CO2e business travel and employee commuting
- 28.1 t CO2e office electricity and heating
- 13 t CO2e employee meals
Phase 2: Reducing emissions
Cavalry’s ambitions don’t stop at becoming 100% carbon neutral. Since their partnership with OneTrust began, they have developed new business policies to further reduce their emissions, including reducing business travel in favor of virtual meetings, switching to green energy, and extending emission-reducing policies to their portfolio companies.
Phase 3: Offsetting emissions
While Cavalry aims to reduce business travel, further reduce energy needs at the office, and encourage sustainable operations among their portfolio companies, some emissions are unavoidable. In order to offset those emissions, OneTrust presented a broad selection of potential offsetting projects. Cavalry decided on three, including:
- (Costa Rica) A project to build and operate enough wind farms to supply 50,000 local people with electricity
- (Germany) A bog rewetting project to retain and store winter precipitation surplus
- (Peru) A Rainforest Protection REDD+ project to partner with local families for conservation, training, and Fair-Trade certification
With the OneTrust ESG and Sustainability Cloud, Cavalry achieved the following results:
- Gained an accurate picture of 2019 carbon emissions, totaling 70.9 t CO2e
- Achieved carbon neutrality by offsetting 100% of 2019 emissions through three certified climate action projects that had the following outcomes:
- Provided clean electricity to 50,000 people in Costa Rica, reducing CO2 emissions by 515,268 tons per year
- Rewet 68 acres of swamp land in northern Germany, generating 660 tons of CO2 savings annually
- Reduced 515,268 tons of carbon emissions in the Peruvian Amazon through forest management and community programs
Cavalry and companies like it understand that climate leadership is an essential part of building trust. It takes commitment, collaboration, consistency, and transparency, but it’s worth it. Those that do reap the business benefits that come with being more attractive to stakeholders. Cavalry’s ambitions don’t stop at becoming 100% carbon neutral. Since their partnership with OneTrust began, they have developed new business policies to further reduce their emissions, including reducing business travel in favor of virtual meetings, switching to green energy, and extending emission-reducing policies to their portfolio companies.
The OneTrust ESG & Sustainability Cloud helps companies like Cavalry gain critical insights into where carbon emissions are generated throughout the value chain, making it easier to pinpoint hotspots for reduction. The ESG Cloud not only provides a GHG Protocol compliant overview of scope 1, 2, and 3 emissions, it also offers a path for clear target setting, automated reporting, and transparent benchmarking.
Part of the Trust Intelligence Platform™ from OneTrust, it unifies and delivers visibility across four trust domain areas, action based on AI and regulatory intelligence, and automation to build trust by design. Empower your organization to drive change, demonstrate impact, and put trust at the center of your operations.
Request a demo today to learn more.