Fengate releases inaugural firmwide Sustainability Report

Fengate Asset Management (Fengate) has reinforced its commitment to acting responsibly on behalf of its stakeholders, the environment, and community with the release of its inaugural firmwide Sustainability Report.

The 2023 Sustainability Report details the firm’s environmental, social, and governance (ESG) initiatives and performance throughout 2023, as well as the first quarter of 2024, across its infrastructure, private equity, and real estate business lines. The full 2023 Sustainability Report is available here.

In the 2023 reporting year, Fengate established a dedicated in-house ESG and Sustainability team and implemented a robust ESG program, detailed in the report released on September 16, 2024.

“For 50 years, Fengate has been dedicated to acting responsibly on behalf of our stakeholders. This sustainability report is a testament to our ongoing commitment to integrating ESG principles into every investment decision we make,” said Lou Serafini Jr., President and CEO of Fengate.

“We want to deliver results without sacrificing the objectives of our ESG strategy, ensuring our investment practices are aligned with our corporate mission and vision. Our firm was founded with a deep commitment and responsibility to our community, and ESG principles, which have been in our DNA since day one, are formalized in this report.”

Highlights from the report include:

Environmental:

• Fengate infrastructure achieved a renewable energy generation capacity of 750MW in 2023, generating more than 1.6 million megawatt hours of renewable energy – enough to power more than 160,000 homes
• Fengate achieved a 100% diversion rate of commercial property waste from landfill
• Greenhouse gas (GHG) emissions were reduced by 25% across the firm’s office properties, achieving net energy savings of 4,561,881 kWh
• The firm became a Taskforce on Nature-related Financial Disclosures (TNFD) Forum Member and a Canadian TNFD Consultation Group member.

Social:

• Fengate implemented a formal responsible labour engagement program
• Six new schools and 8,000 desks were delivered for the community of Prince George’s County, Maryland
• Fengate enhanced Indigenous engagement initiatives through thoughtful investments and partnerships, such as with The Gord Downie & Chanie Wenjack Fund, and focused on diversity and inclusion through the firm’s Equity, Belonging, Inclusion and Diversity (EBID) Think Tank.

Governance:

• The firm improved its infrastructure-specific Principles for Responsible Investment (PRI) score from 76 to 90 on a 2022 base year – a score significantly higher than the industry average
• Fengate was recognized as one of Canada’s Best Managed Companies for the 16th consecutive year, and was named one of Canada’s Top 100 Small and Medium Employers for 2023.

“Our inaugural sustainability report reflects Fengate’s deep-rooted commitment to ESG. We are proud of the progress we have made and are excited about the opportunities for continuous improvement in the years ahead,” added Della Wang, Director, ESG at Fengate.