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Investment Process

  • Initial Screening & Exposure Analysis
  • Company Earnings and Balance Sheet Analysis
  • Carbon Analysis (Hurdles and Targets)
  • Investment Committee Review
  • Portfolio Construction and Review
  • The Sell Decision (exit price based on 5yr EPS and exit multiple)

Primary Data Sources

  • Annual Reports and Investor Meetings Sustainability Reports
  • Reporting carbon emissions (vs 1.5c scenario)
  • Understanding Scope 3 emissions
  • Leading to Fund Carbon Intensity and Emissions disclosure
    • Absolute and relative to benchmark
    • Scope 1&2 with estimate Scope 3

ESG Analysis

  • Proprietary ESG ranking tool (A-E)
  • Assess short term risks vs long term opportunities
  • Use of third party rating agencies (MSCI ESG, Sustainalytics, CDP)


  • Average 4-6 management/Government meetings per company per year
  • Executive compensation tied to targets
  • Tackling of delivered emissions
  • Capitalising on Clean Energy opportunities

Proprietory Investment & ESG Research

Private Capital
Project Selection

Asset Class

Member State

Return Profile






  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
15% IRR Hurdle
Access to Funding
Project Leverage
Project Maturity


First Net Carbon Tracker

Parts per million CO2 in the atmosphere

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about First Net Zero and our funds.