Francesco Starace Appointed Chair of Science-Based Target Initiative’s Board of Trustees

Francesco Starace Appointed Chair of Science-Based Target Initiative’s Board of Trustees

(IN BRIEF) EQT, a purpose-driven global investment organization, extends its congratulations to Francesco Starace, a Partner in the EQT Infrastructure Advisory Team, on his appointment as the Chair of the Science Based Target Initiative’s inaugural Board of Trustees. Francesco Starace brings a wealth of industry experience from his four-decade career in the energy sector, including senior leadership roles, advisory boards, NGOs, and public policy engagement. Notably, as the former CEO of Enel, he played a pivotal role in the company’s transformation into one of the world’s largest renewable energy producers and a leader in digitized electricity distribution grids. The Science-Based Target Initiative (SBTi) seeks to enable companies worldwide to align with climate science by halving emissions by 2030 and achieving net-zero emissions before 2050. It provides criteria, tools, and guidance for setting emissions reduction targets consistent with the goal of limiting global warming to below 1.5°C. The SBTi recently announced its plan to incorporate as a legal entity in the UK, appointing a new Chair and Trustees to further enhance its credibility and impartiality in supporting businesses and financial institutions in setting science-based targets. EQT expresses its enthusiasm for Francesco Starace’s appointment, recognizing the significance of the SBTi in driving corporate climate action.

(PRESS RELEASE) STOCKHOLM, 14-Sep-2023 — /EuropaWire/ — The SBTi’s goal is to enable companies worldwide to do what climate science requires of the global economy: to halve emissions by 2030, and achieve net zero before 2050. The SBTi develops criteria and provides tools and guidance to enable businesses and financial institutions to set greenhouse gas emissions reduction targets in line with keeping global warming below 1.5°C.

The SBTi, which has been operated as a partnership between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature and the We Mean Business Coalition, today announced its plan to incorporate as a legal entity in the United Kingdom. Additionally, it has announced the appointment of its new independent Chair and two new Trustees, and the separation of its validation services division. These developments adopt internationally recognized best practice to safeguard impartiality, further boosting credibility and integrity for businesses and financial institutions setting science-based targets.

Lennart Blecher, Partner and Head of the Real Assets Advisory Team at EQT said: “On behalf of EQT, I would like to congratulate Francesco on this appointment. The SBTi represents a gold standard for corporate net zero targets. We are very happy to have Francesco on our team, helping to drive corporate climate action at EQT and beyond”.

About Francesco Starace
Francesco is a Partner in the EQT Infrastructure Advisory Team, where he provides senior insight to support investment activity, portfolio companies, and strategic initiatives. With a career in the energy sector spanning four decades, Francesco brings a wealth of industry experience from senior leadership positions, advisory boards, NGOs, and public policy. As CEO of Enel, he was instrumental in driving the company’s efforts to phase out fossil-fueled energy production and invest in digital technologies, transforming it into one of the world’s largest renewable energy producers and the largest system of digitized electricity distribution grids.

Prior to becoming CEO of Enel, he headed Enel Green Power, the group’s renewable power generation company and a leading player in the global renewables industry from 2008 to 2014. In November 2010, he oversaw the initial public offering of the company and its listing on the Milan and Madrid Stock Exchanges with a market capitalization of €8 billion. Francesco is Chairman of the Board of the United Nations’ Sustainable Energy for All, a member of the Rockefeller Commission to End Energy Poverty and, in 2015, former Secretary-General Ban Ki-moon appointed him as a member of the Board of Directors of the United Nations Global Compact.

About EQT
EQT is a purpose-driven global investment organization with EUR 126 billion in fee-paying assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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