Major venture capitalists announced an initiative on Tuesday to cut their own climate pollution as well as that of the firms in which they invest. The 23 firms that make up the Venture Capital Alliance — which does not require any action as a condition of membership — pledge to cut their own climate emissions to net-zero by 2030 and that of their portfolios by 2050.

The group emphasizes its collaborative approach — “It’s really important for us that we’re not telling venture investors to change their investment thesis,” Alexandra Harbour, principal at Prelude Ventures and founder and chair of the VCA, told Bloomberg — and hopes to help the companies its members fund begin and maintain lower emissions. It also hopes to standardize how VCs, and the companies they fund, assess climate impact. “Right now every investor is asking early stage companies similar but slightly different questions,” Stephan Feilhauer, a managing director at VCA founder member S2G Ventures, told Reuters. “And that’s a poor outcome for everyone.” (Reuters, Bloomberg $, Axios, CNBC)