The KKR and EDF Partnership
Private equity firm Kohlberg Kravis and Roberts had entered into a partnership with the Environmental Defense Fund. KKR’s chairman, Henry Kravis was able to meet the head of the EDF’S Texas office, Jim Marston last February 2007.
Determined to revolutionize the image and practices of KKR, Henry Kravis had decided to go in favor of having the EDF and the National Resources Defense Council to take part with the negotiations of the firm’s $44 billion buyout of TXU. As a result, TXU had scrapped out plans for eight of its coal plants together with other significant investments in conservation, renewable energy, as well as efficiency measures.
Recently, the EDF and the KKR was able to announce the Green Portfolio project. According to < a href=”http://www.news-bits.com/business/kkr-leads-movement-in-private-equity-reform”>Ken Mehlman, KKR’s head of global public affairs, the two groups had worked together to test a particular set of tools in order to help other companies enhance several key environmental performance areas. According to the released results, the group’s attempts were able to successfully prevent over 25,000 tons of greenhouse gas emissions.
Apart from that, KKR was also able to form the Private Equity Council together with the Carlyle Group in February of 2009. Both groups established the council in order to encourage the implementation of the “Environmental, Social and Governance” guidelines.
