Climate change has emerged as a global challenge following growing scientific consensus that the earth is warming, and that this process is likely driven by increasing greenhouse gas (GHG) concentrations. Extreme weather events, natural disasters, and unmanaged climate change are among the top five global risks, both in terms of likelihood and impact, according to the World Economic Forum. While addressing climate change requires action from governments, civil society and businesses, we believe that investors are uniquely positioned to catalyze the transition to a low-carbon economy through the systematic assessment and management of climate risks and opportunities. At Partners Group, we are committed to managing those risks for our global portfolio of investments and our firm.
As a responsible investor, our approach to climate change aligns with the four core elements of the Task Force on Climate-related Financial Disclosures: governance, strategy, risk management, and metrics and targets. We have embedded this approach into the key stages of our investment and ownership process from sourcing and due diligence through ownership to exit.
As a responsible firm, in line with our Group Environmental Policy, we are fully committed to reducing the consumption of resources and improving the efficiency of their use by managing waste and applying the principles of reducing, re-using and recycling in our offices; avoiding pollution by reducing unnecessary business travel; taking environmental issues into consideration when purchasing goods and services; and considering environmental issues and energy preservation in the acquisition, design, renovation, location and use of office buildings.
We have also voluntarily participated in the CDP (formerly Carbon Disclosure Project) since 2008. CDP is an independent, not-for-profit organization which holds the largest database of corporate climate change information in the world and has become the leading standard for carbon methodology and process while providing comprehensive climate change data to the global marketplace.
At corporate level, we recognize that business travel is by far our greatest source of GHG emissions. In an effort to mitigate our impact on the environment, in 2019, we committed to fully offsetting our CO2 emissions from corporate air travel. To achieve this, we have teamed up with Natural Capital Partners, a leading expert on carbon neutrality and climate finance. Together, we have built a global portfolio of low carbon sustainable development projects that we are financing in order to offset our CO2 emissions according to the highest international standards.