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KKR ESG & Citizenship Report

Eco-Innovation: PortAventura World

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Furthering Sustainable Tourism

Key Environmental Performance Areas:

  • Greenhouse Gas Emissions (Facilities)
  • Energy Use (Facilities)

Sourcing 100% certified renewable energy for its electricity supply.

Currently producing zero emissions from electricity consumption, which reduces greenhouse gas emissions by more than 11,000 equivalent tons of CO2 emissions.

Supporting efforts to be a Smart Resort, based on the Smart City concept.

All data and information in this case study are as of December 31, 2016, unless otherwise noted.

Challenge

The tourism industry accounts for approximately 5 percent of global greenhouse gas (GHG) emissions, with emissions expected to grow 135 percent by 2035 under a business-as-usual scenario. The tourism industry can help reduce its impact on the environment by managing its use of natural resources and employing various sustainable operational practices.i

PortAventura World is a leading family-oriented theme park, water park, and destination resort in Southern Europe, near Barcelona, Spain.

Response

For a number of years, PortAventura World has been working on improving the efficiency of its large operations in order to reduce its consumption of water and electricity. The company aligns its actions with various environmental frameworks and, in 2015, committed to achieving the United Nation’s Sustainable Development Goals (SDGs). The company has already made efforts to become a Smart Resort, based on the Smart City concept, by implementing various strategies and smart control systems to improve its water and energy efficiency as well as control costs. The company is managing resource usage at different business units and consumption points, such as the theme park, water rides, hotels, and convention center meeting rooms.

PortAventura World measured its 2015 carbon footprint across its operations. This analysis showed that 68 percent of the greenhouse gas emissions, measured in CO2 metric ton equivalents, were generated from the consumption of electricity. As part of its commitment to sustainability and the environment, the company implemented a green, or renewable, energy sourcing project to reduce its greenhouse gas emissions. The key actions from this project included:

  • Partnering with an energy consultant to help evaluate and drive projects.
  • Preparing a technical specifications document for an energy bid, which outlined key criteria, including certification of the green energy at its origin
  • Analyzing and evaluating the bids received, and ultimately selecting an energy provider based on the price and compliance with the green energy
  • Obtaining certification that electricity is coming from 100 percent renewable sources such as wind, hydro, and solar photovoltaic sources.

For a number of years, PortAventura World has been working on improving the efficiency of its large operations in order to reduce its consumption of water and electricity. The company aligns its actions with various environmental frameworks and, in 2015, committed to achieving the United Nation’s Sustainable Development Goals (SDGs). The company has already made efforts to become a Smart Resort, based on the Smart City concept, by implementing various strategies and smart control systems to improve its water and energy efficiency as well as control costs. The company is managing resource usage at different business units and consumption points, such as the theme park, water rides, hotels, and convention center meeting rooms.

PortAventura World measured its 2015 carbon footprint across its operations. This analysis showed that 68 percent of the greenhouse gas emissions, measured in CO2 metric ton equivalents, were generated from the consumption of electricity. As part of its commitment to sustainability and the environment, the company implemented a green, or renewable, energy sourcing project to reduce its greenhouse gas emissions. The key actions from this project included:

  • Partnering with an energy consultant to help evaluate and drive projects.
  • Preparing a technical specifications document for an energy bid, which outlined key criteria, including certification of the green energy at its origin
  • Analyzing and evaluating the bids received, and ultimately selecting an energy provider based on the price and compliance with the green energy
  • Obtaining certification that electricity is coming from 100 percent renewable sources such as wind, hydro, and solar photovoltaic sources.

Resultsii

In 2016, PortAventura World had no greenhouse gas emissions from electricity consumption. As a result, the company’s overall equivalent tons of C02 generated decreased from approximately 16,350 in 2015 to approximately 5,565 in 2016.

2015 2016
Total Greenhouse Gas Emissions (equivalent metric tons of CO2) 16,350 5,565iii

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PortAventura World began participating in KKR’s green program in 2015 and is communicating results in the eco-innovation category for the first time. For more information on the company’s efforts, visit its website here.

i Tourism in the Green Economy – Background Report, United Nations Environment Programme (UNEP) and World Tourism Organization (UNWTO), 2012. http://www.e-unwto.org/doi/pdf/10.18111/9789284414529. “Tourism” is defined broadly and includes activities such as travel

ii Self-reported portfolio company data is not calculated, reviewed or independently verified by KKR or KKR Capstone. For more information regarding the results methodology for companies evaluating their own data, please see the methodology section. There is no guarantee that any GSP-related avoided costs or added efficiencies will positively impact the portfolio company's valuation or performance.

iii This evaluation includes: Scope 1 emissions from the fleet transportation, combustion of fossil fuels (AC/heating boilers), and fugitive emissions of fluorinated gases from refrigeration equipment; and Scope 3 indirect emissions from sources such as the treatment of municipal waste and consumption of drinking water.

Unless otherwise noted, portfolio company data represents 2016 results, published in October 2017. These case studies may contain forward looking statements including descriptions of planned projects and projected results and savings. These statements are subject to the risk that the projects will not develop as planned or at all or that projected results and savings are not realized.