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Portfolio companies
SDG1

Source: Factset

SWITZERLAND, CH0001503199

CEO: Lars Van Der Haegen

BELIMO Holding AG develops, produces, and markets actuators for valves and flaps in heating, ventilation, and air conditioning systems. It operates through the segments Europe, Americas and Asia Pacific.

Revenue (CHF mn): 709

ROCE: 43%

2

Source: Factset

SWITZERLAND, CH0418792922

CEO: Thomas Arthur Hasler "Tom"

Sika AG engages in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building sector and motor vehicles. It offers solutions for concrete, waterproofing, cement additives, rigid bonding, joint sealing, and tunneling and mining.

Revenue (CHF mn): 8 866

ROCE: 28%

3

Source: Factset

SWITZERLAND, CH0030170408

CEO: Christian Buhl

Geberit AG engages in the development, manufacture, and distribution of sanitary products and systems for the residential and industrial construction industry. It offers sanitary systems such as installation systems; cisterns and mechanisms; faucets and flushing systems; and waste fittings and traps. The firm also sells piping systems such as building drainage and supply systems.

Revenue (CHF mn): 3 285

ROCE: 41%

4

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5

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6

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7

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8

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9

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10

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Climate Action13

Carnot Capital impact analysis

SDG 13 intensity: significant impact

Extract from Carnot impact analysis:

Strategy:
"Innovative solutions for more comfort, energy efficiency and security"

Products:
- Ventilation air flap actuators with sensor (60% electricity saving): regulates air inflow according to room occupancy
- Energy valve with sensors (30%): For flow optimization in heating/cooling systems
- Throttle valves (20%): Combined valve and drive without electric supply
Over 6 mn actuators solved p.a. 

Benefit:
Very high. Immense energy savings enabled by Belimo products and hence very short amortization periods. The savings occur over the product lifetime when the building is used.

Share of products with impact:
80%

Research & development expenses:
7,4%

Other aspects:
Belimo is respected as innovation leader in a key are of Energy Efficiency. Health: Belimo products improve the air quality in big cities because the enable great savings in electricity which is typically provided by coal power plants.

Engagement:
Successful Engagement to manage, measure and document CO2 abatement of Belimo products; completed in sustainability report.
We brought a smart metering specialist to Belimo for an exploration of ways how to generate billable energy data with the Belimo Energy Valve; completed with the generation IV, released in June 2021.

Carnot Capital impact analysis

SDG 13 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
Strategy quote: "With its newly defined sustainability targets for the reduction of energy and water consumption, as well as waste, Sika will be minimizing its need for resources and the environmental impacts of the production process. Sika’s overriding goal is to reduce CO2 emissions per ton sold by 12% by 2023."
Sustainability Strategy (Internet): We are leading the industry by pioneering a comprehensive portfolio of customer focused solutions, combining both higher performance and mproved sustainability.Target 2023: All new product developments with "Sustainable Solutions".
GRI Report 2019:  STATEMENT FROM SENIOR DECISION-MAKER “As a global company, Sika is committed to sustainable development. The company honors its responsibilities by offering sustainable solutions  for  energy-efficient  construction  and  innovative  vehicles...” 

Products:
- Cement admixtures for low water consumption
- … for the use of recycled cement
- … for a lower need of cement in concretes
- Combined wood cement structures
- Sikaklastik roof membranes with high sun reflection
- Sealing products for lower vehicle weight
- ... for wind and PV sites

Benefit:
Sika products are essential in civil engineering and add a lot to the durability and the value of infrastructure.

Share of products with impact:
25%

Research & development expenses:
2,5%

Other aspects:
Stringent management of sustainability targets such as CO2, waste, water etc. Proprietary SDG impact analysis. Signatory of the UN Global Compact.

Engagement:
We encouraged the company to disclose the positve impacts of Sika products and to calculate reduction of greenhouse gas reduction.

Carnot Capital impact analysis

SDG 13 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
For Geberit, sustainability means being oriented towards the future and being successful over the long term. A long-term orientation results when a balance is struck between economic, environmental and social aspects in all decision-making processes.

Products:
Geberit achieves a steady improvement through innovative solutions in the field of sanitary products and piping systems:
- flushing system that saves water and energy
- urinal system with different operating modes, saving water and energy
- 'Supertube technology' leads to substantial material savings 

Benefit:
The sustainability strategy supplements the core strategy with concrete modules. These modules strengthen the business model and the added value for various stakeholders in a targeted manner.

Share of products with impact:
 > 85%

Research & development expenses:
appr. 2.5%

Other aspects:
Sinatory of the UN Global Compact since 2008. Active contribution to 4 SDGs, very detailed progress reporting.

Engagement:
0

Carnot Capital impact analysis

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Clean Energy7

Carnot Capital impact analysis

SDG 7 intensity: significant impact

Extract from Carnot impact analysis:

Strategy:
"Innovative solutions for more comfort, energy efficiency and security"

Products:
- Ventilation air flap actuators with sensor (60% electricity saving): regulates air inflow according to room occupancy
- Energy valve with sensors (30%): For flow optimization in heating/cooling systems
- Throttle valves (20%): Combined valve and drive without electric supply
Over 6 mn actuators solved p.a. 

Benefit:
Very high. Immense energy savings enabled by Belimo products and hence very short amortization periods. The savings occur over the product lifetime when the building is used.

Share of products with impact:
80%

Research & development expenses:
7,4%

Other aspects:
Belimo is respected as innovation leader in a key are of Energy Efficiency. Health: Belimo products improve the air quality in big cities because the enable great savings in electricity which is typically provided by coal power plants.

Engagement:
Successful Engagement to manage, measure and document CO2 abatement of Belimo products; completed in sustainability report.
We brought a smart metering specialist to Belimo for an exploration of ways how to generate billable energy data with the Belimo Energy Valve; completed with the generation IV, released in June 2021.

Carnot Capital impact analysis

SDG 7 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
Strategy quote: "With its newly defined sustainability targets for the reduction of energy and water consumption, as well as waste, Sika will be minimizing its need for resources and the environmental impacts of the production process. Sika’s overriding goal is to reduce CO2 emissions per ton sold by 12% by 2023."
Sustainability Strategy (Internet): We are leading the industry by pioneering a comprehensive portfolio of customer focused solutions, combining both higher performance and mproved sustainability.Target 2023: All new product developments with "Sustainable Solutions".
GRI Report 2019:  STATEMENT FROM SENIOR DECISION-MAKER “As a global company, Sika is committed to sustainable development. The company honors its responsibilities by offering sustainable solutions  for  energy-efficient  construction  and  innovative  vehicles...” 

Products:
- Cement admixtures for low water consumption
- … for the use of recycled cement
- … for a lower need of cement in concretes
- Combined wood cement structures
- Sikaklastik roof membranes with high sun reflection
- Sealing products for lower vehicle weight
- ... for wind and PV sites

Benefit:
Sika products are essential in civil engineering and add a lot to the durability and the value of infrastructure.

Share of products with impact:
25%

Research & development expenses:
2,5%

Other aspects:
Stringent management of sustainability targets such as CO2, waste, water etc. Proprietary SDG impact analysis. Signatory of the UN Global Compact.

Engagement:
We encouraged the company to disclose the positve impacts of Sika products and to calculate reduction of greenhouse gas reduction.

Carnot Capital impact analysis

SDG 7 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
For Geberit, sustainability means being oriented towards the future and being successful over the long term. A long-term orientation results when a balance is struck between economic, environmental and social aspects in all decision-making processes.

Products:
Geberit achieves a steady improvement through innovative solutions in the field of sanitary products and piping systems:
- flushing system that saves water and energy
- urinal system with different operating modes, saving water and energy
- 'Supertube technology' leads to substantial material savings 

Benefit:
The sustainability strategy supplements the core strategy with concrete modules. These modules strengthen the business model and the added value for various stakeholders in a targeted manner.

Share of products with impact:
 > 85%

Research & development expenses:
appr. 2.5%

Other aspects:
Sinatory of the UN Global Compact since 2008. Active contribution to 4 SDGs, very detailed progress reporting.

Engagement:
0

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Industry Innovations9

Carnot Capital impact analysis

SDG 9 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
"Innovative solutions for more comfort, energy efficiency and security"

Products:
- Ventilation air flap actuators with sensor (60% electricity saving): regulates air inflow according to room occupancy
- Energy valve with sensors (30%): For flow optimization in heating/cooling systems
- Throttle valves (20%): Combined valve and drive without electric supply
Over 6 mn actuators solved p.a. 

Benefit:
Very high. Immense energy savings enabled by Belimo products and hence very short amortization periods. The savings occur over the product lifetime when the building is used.

Share of products with impact:
80%

Research & development expenses:
7,4%

Other aspects:
Belimo is respected as innovation leader in a key are of Energy Efficiency. Health: Belimo products improve the air quality in big cities because the enable great savings in electricity which is typically provided by coal power plants.

Engagement:
Successful Engagement to manage, measure and document CO2 abatement of Belimo products; completed in sustainability report.
We brought a smart metering specialist to Belimo for an exploration of ways how to generate billable energy data with the Belimo Energy Valve; completed with the generation IV, released in June 2021.

Carnot Capital impact analysis

SDG 9 intensity: significant impact

Extract from Carnot impact analysis:

Strategy:
Strategy quote: "With its newly defined sustainability targets for the reduction of energy and water consumption, as well as waste, Sika will be minimizing its need for resources and the environmental impacts of the production process. Sika’s overriding goal is to reduce CO2 emissions per ton sold by 12% by 2023."
Sustainability Strategy (Internet): We are leading the industry by pioneering a comprehensive portfolio of customer focused solutions, combining both higher performance and mproved sustainability.Target 2023: All new product developments with "Sustainable Solutions".
GRI Report 2019:  STATEMENT FROM SENIOR DECISION-MAKER “As a global company, Sika is committed to sustainable development. The company honors its responsibilities by offering sustainable solutions  for  energy-efficient  construction  and  innovative  vehicles...” 

Products:
- Cement admixtures for low water consumption
- … for the use of recycled cement
- … for a lower need of cement in concretes
- Combined wood cement structures
- Sikaklastik roof membranes with high sun reflection
- Sealing products for lower vehicle weight
- ... for wind and PV sites

Benefit:
Sika products are essential in civil engineering and add a lot to the durability and the value of infrastructure.

Share of products with impact:
25%

Research & development expenses:
2,5%

Other aspects:
Stringent management of sustainability targets such as CO2, waste, water etc. Proprietary SDG impact analysis. Signatory of the UN Global Compact.

Engagement:
We encouraged the company to disclose the positve impacts of Sika products and to calculate reduction of greenhouse gas reduction.

Carnot Capital impact analysis

SDG 9 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
For Geberit, sustainability means being oriented towards the future and being successful over the long term. A long-term orientation results when a balance is struck between economic, environmental and social aspects in all decision-making processes.

Products:
Geberit achieves a steady improvement through innovative solutions in the field of sanitary products and piping systems:
- flushing system that saves water and energy
- urinal system with different operating modes, saving water and energy
- 'Supertube technology' leads to substantial material savings 

Benefit:
The sustainability strategy supplements the core strategy with concrete modules. These modules strengthen the business model and the added value for various stakeholders in a targeted manner.

Share of products with impact:
 > 85%

Research & development expenses:
appr. 2.5%

Other aspects:
Sinatory of the UN Global Compact since 2008. Active contribution to 4 SDGs, very detailed progress reporting.

Engagement:
0

Carnot Capital impact analysis

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Carnot Capital impact analysis

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Sustainable Cities11

Carnot Capital impact analysis

SDG 11 intensity: considerable impact

Extract from Carnot impact analysis:

Strategy:
"Innovative solutions for more comfort, energy efficiency and security"

Products:
- Ventilation air flap actuators with sensor (60% electricity saving): regulates air inflow according to room occupancy
- Energy valve with sensors (30%): For flow optimization in heating/cooling systems
- Throttle valves (20%): Combined valve and drive without electric supply
Over 6 mn actuators solved p.a. 

Benefit:
Very high. Immense energy savings enabled by Belimo products and hence very short amortization periods. The savings occur over the product lifetime when the building is used.

Share of products with impact:
80%

Research & development expenses:
7,4%

Other aspects:
Belimo is respected as innovation leader in a key are of Energy Efficiency. Health: Belimo products improve the air quality in big cities because the enable great savings in electricity which is typically provided by coal power plants.

Engagement:
Successful Engagement to manage, measure and document CO2 abatement of Belimo products; completed in sustainability report.
We brought a smart metering specialist to Belimo for an exploration of ways how to generate billable energy data with the Belimo Energy Valve; completed with the generation IV, released in June 2021.

Carnot Capital impact analysis

SDG 11 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
Strategy quote: "With its newly defined sustainability targets for the reduction of energy and water consumption, as well as waste, Sika will be minimizing its need for resources and the environmental impacts of the production process. Sika’s overriding goal is to reduce CO2 emissions per ton sold by 12% by 2023."
Sustainability Strategy (Internet): We are leading the industry by pioneering a comprehensive portfolio of customer focused solutions, combining both higher performance and mproved sustainability.Target 2023: All new product developments with "Sustainable Solutions".
GRI Report 2019:  STATEMENT FROM SENIOR DECISION-MAKER “As a global company, Sika is committed to sustainable development. The company honors its responsibilities by offering sustainable solutions  for  energy-efficient  construction  and  innovative  vehicles...” 

Products:
- Cement admixtures for low water consumption
- … for the use of recycled cement
- … for a lower need of cement in concretes
- Combined wood cement structures
- Sikaklastik roof membranes with high sun reflection
- Sealing products for lower vehicle weight
- ... for wind and PV sites

Benefit:
Sika products are essential in civil engineering and add a lot to the durability and the value of infrastructure.

Share of products with impact:
25%

Research & development expenses:
2,5%

Other aspects:
Stringent management of sustainability targets such as CO2, waste, water etc. Proprietary SDG impact analysis. Signatory of the UN Global Compact.

Engagement:
We encouraged the company to disclose the positve impacts of Sika products and to calculate reduction of greenhouse gas reduction.

Carnot Capital impact analysis

SDG 11 intensity: substantial impact

Extract from Carnot impact analysis:

Strategy:
For Geberit, sustainability means being oriented towards the future and being successful over the long term. A long-term orientation results when a balance is struck between economic, environmental and social aspects in all decision-making processes.

Products:
Geberit achieves a steady improvement through innovative solutions in the field of sanitary products and piping systems:
- flushing system that saves water and energy
- urinal system with different operating modes, saving water and energy
- 'Supertube technology' leads to substantial material savings 

Benefit:
The sustainability strategy supplements the core strategy with concrete modules. These modules strengthen the business model and the added value for various stakeholders in a targeted manner.

Share of products with impact:
 > 85%

Research & development expenses:
appr. 2.5%

Other aspects:
Sinatory of the UN Global Compact since 2008. Active contribution to 4 SDGs, very detailed progress reporting.

Engagement:
0

Carnot Capital impact analysis

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Carnot Capital impact analysis

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Economic Growth8

Carnot Capital impact analysis

SDG 8 intensity: considerable impact

Extract from Carnot impact analysis:

Strategy:
"Innovative solutions for more comfort, energy efficiency and security"

Products:
- Ventilation air flap actuators with sensor (60% electricity saving): regulates air inflow according to room occupancy
- Energy valve with sensors (30%): For flow optimization in heating/cooling systems
- Throttle valves (20%): Combined valve and drive without electric supply
Over 6 mn actuators solved p.a. 

Benefit:
Very high. Immense energy savings enabled by Belimo products and hence very short amortization periods. The savings occur over the product lifetime when the building is used.

Share of products with impact:
80%

Research & development expenses:
7,4%

Other aspects:
Belimo is respected as innovation leader in a key are of Energy Efficiency. Health: Belimo products improve the air quality in big cities because the enable great savings in electricity which is typically provided by coal power plants.

Engagement:
Successful Engagement to manage, measure and document CO2 abatement of Belimo products; completed in sustainability report.
We brought a smart metering specialist to Belimo for an exploration of ways how to generate billable energy data with the Belimo Energy Valve; completed with the generation IV, released in June 2021.

Carnot Capital impact analysis

SDG 8 intensity: low impact

Extract from Carnot impact analysis:

Strategy:
Strategy quote: "With its newly defined sustainability targets for the reduction of energy and water consumption, as well as waste, Sika will be minimizing its need for resources and the environmental impacts of the production process. Sika’s overriding goal is to reduce CO2 emissions per ton sold by 12% by 2023."
Sustainability Strategy (Internet): We are leading the industry by pioneering a comprehensive portfolio of customer focused solutions, combining both higher performance and mproved sustainability.Target 2023: All new product developments with "Sustainable Solutions".
GRI Report 2019:  STATEMENT FROM SENIOR DECISION-MAKER “As a global company, Sika is committed to sustainable development. The company honors its responsibilities by offering sustainable solutions  for  energy-efficient  construction  and  innovative  vehicles...” 

Products:
- Cement admixtures for low water consumption
- … for the use of recycled cement
- … for a lower need of cement in concretes
- Combined wood cement structures
- Sikaklastik roof membranes with high sun reflection
- Sealing products for lower vehicle weight
- ... for wind and PV sites

Benefit:
Sika products are essential in civil engineering and add a lot to the durability and the value of infrastructure.

Share of products with impact:
25%

Research & development expenses:
2,5%

Other aspects:
Stringent management of sustainability targets such as CO2, waste, water etc. Proprietary SDG impact analysis. Signatory of the UN Global Compact.

Engagement:
We encouraged the company to disclose the positve impacts of Sika products and to calculate reduction of greenhouse gas reduction.

Carnot Capital impact analysis

SDG 8 intensity: considerable impact

Extract from Carnot impact analysis:

Strategy:
For Geberit, sustainability means being oriented towards the future and being successful over the long term. A long-term orientation results when a balance is struck between economic, environmental and social aspects in all decision-making processes.

Products:
Geberit achieves a steady improvement through innovative solutions in the field of sanitary products and piping systems:
- flushing system that saves water and energy
- urinal system with different operating modes, saving water and energy
- 'Supertube technology' leads to substantial material savings 

Benefit:
The sustainability strategy supplements the core strategy with concrete modules. These modules strengthen the business model and the added value for various stakeholders in a targeted manner.

Share of products with impact:
 > 85%

Research & development expenses:
appr. 2.5%

Other aspects:
Sinatory of the UN Global Compact since 2008. Active contribution to 4 SDGs, very detailed progress reporting.

Engagement:
0

Carnot Capital impact analysis

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Building Technology
Portfolio companies
SDG11

Source: Factset

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12

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13

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14

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15

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16

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17

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18

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19

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20

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Climate Action13

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Clean Energy7

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Industry Innovations9

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Sustainable Cities11

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Economic Growth8

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SDG21

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23

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24

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25

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26

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Climate Action13

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Clean Energy7

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Industry Innovations9

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Sustainable Cities11

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Economic Growth8

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