Global equity firm Kohlberg Kravis Roberts & Co. has expanded its money-saving environmental management initiative in Europe and Australia, bringing another five companies into the Green Portfolio Program.

With the addition of BIS Industries Limited, Der Grüne Punkt - Duales System Deutschland GmbH, Pets at Home, Van Gansewinkel Groep and WILD Flavors, 17 companies -- about a third of the firm's portfolio -- now participate in the 2-year-old program, KKR said yesterday.

Launched in partnership with the Environmental Defense Fund in 2008, KKR's Green Portfolio Program started with three companies. In June, KKR said it had reaped millions in cost savings as well as environmental benefits that could be measured in metric tons. KKR companies in the Green Portfolio Program had avoided:

• More than $160 million in operating costs
• 345,000 metric tons of CO2 emissions
• Use of 8,500 tons of paper
• Generating 1.2 million tons of waste

KKR, which joined the global network Business for Social Responsibility earlier this year, also announced yesterday that it has become a member of CSR Europe, the leading corporate social responsibility network for businesses in the continent.

CSR Europe counts about 75 multinational corporations and 27 national partner organizations among its members. BSR's network spans more than 250 companies.

Image CC licensed by wikimedia user Ilya Voytov. Logo courtesy of KKR.