SBTi Validation Statement

The Science Based Targets initiative (SBTi) has validated Bowmark Capital’s science-based emissions reduction targets

These targets have been assessed against the SBTi Financial Institutions’ Near-Term Criteria (Version 2.0) and Private Equity Sector Guidance (Version 1.0). The SBTi Services’ Target Validation Team has determined the company’s scope 1 and 2 target ambition to be in line with a 1.5-degree Celsius trajectory.

The Targets

SCOPE 1 AND 2

Bowmark commits to reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions 42% by 2030 from a 2023 base year.

SCOPE 3 PORTFOLIO TARGETS

Bowmark’s portfolio targets cover 93% of its total investment and lending by invested capital as of 2023.

Bowmark commits to 36% of its eligible private equity portfolio by invested capital setting SBTi-validated targets by 2029 from a 2023 base year.

Bowmark also commits to 100% of its eligible private equity portfolio by invested capital setting SBTi-validated targets by 2040 from a 2023 base year.

Implementation

Bowmark will implement the following strategy and actions to achieve its scope 3 portfolio targets.

During the investment phase, Bowmark will collaborate with portfolio companies to:

Accurately and consistently report scope 1, 2, and relevant scope 3 emissions in accordance with the GHG Protocol on at least an annual basis.
Support portfolio companies in identifying decarbonisation opportunities and developing initial strategies to align with a 1.5-degree Celsius reduction pathway.
Support portfolio companies setting science-based targets (SBTs) and obtaining validation from the SBTi within two years of acquisition to ensure sufficient coverage of invested capital towards Bowmark's portfolio coverage target.

Bowmark selected these actions because the firm aims to contribute to broader climate objectives while maintaining a pragmatic approach to decarbonization within its investment strategy.