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Being Responsible
Sustainable thinking: our responsible approach to business We are committed to integrating sustainability within all our business activities and in a way that makes a positive contribution to society, whilst minimising any negative impact on people, local communities and the environment.
Global trends driving sustainability As we navigate the dynamic landscape of environmental and social challenges impacting the world today, there is a widely acknowledged need to balance traditional corporate objectives with a more holistic approach, incorporating environmental and social objectives, nature-based solutions and circular economy principles. There has been some positive global sustainability progress reported over the last 12 months. We are transitioning away from single use plastics, vast sums have been invested into cleaner energy procurement and COP28 drove the climate change agenda forwards. However, the World Meteorological Organization confirmed that 2023 was the warmest year on record, with the average global temperature approaching 1.5°C above pre-industrial levels. Each month from June to December 2023 was warmer than the corresponding month in any prior year. This is particularly relevant given the Paris Agreement’s goal of limiting the rise in the average global temperature to 1.5°C above pre-industrial levels over the long-term. The level and pace of action on a global scale must increase if this goal is to be achieved and irreversible climate tipping points avoided. With the warming effects of El Niño still prevalent, it is anticipated that new records will continue to be set in 2024. With this rise in temperatures came record-breaking extreme weather events throughout 2023, including drought, flooding and wildfires. Such events repeatedly have a disproportionate effect on disadvantaged communities, who are more vulnerable to the consequences of climate change. The intrinsic links between biodiversity loss and climate change are now widely recognised. In 2023, biodiversity and the Nature Positive movement became more prominent, with the launch of the final Taskforce on Nature-related Financial Disclosures (TNFD) recommendations and reporting framework. Although not yet mandatory in the UK, TNFD aims to
We have been collaborating with our occupiers with regard to their emissions created using our buildings. We are focused on capturing energy use data to help us make informed decisions to ensure we prioritise efficiencies that reduce emissions. During the year, we have been focused on the installation of on-site renewables, in the form of solar energy at our buildings. This has predominantly been where we have been improving buildings ahead of leasing, to ensure that they are more attractive to those occupiers who are also seeking to meet their own net zero commitments. We have also introduced a Biodiversity Policy to ensure that we are thinking more holistically around the environment in addition to focusing on climate risks and decarbonisation. As part of this we have agreed to support Youngwilders, a community interest company, focused on engaging young people in nature recovery projects across the UK. We are a small team, but are ambitious in respect of what we can achieve both with regard to reducing our impact on the environment, and also having a positive impact more widely.
Acting responsibly is a key strategic priority and sustainability is embedded within our day-to-day activities involving the whole of the team. We are committed to clear and transparent sustainability reporting. We have contributed to GRESB for a number of years and are members of the Better Buildings Partnership. During the year, we have continued to make progress against our sustainability priorities. We have significantly increased our on-site renewable capacity, we have reduced our like-for-like Scope 1 emissions and continued our policy of occupier engagement.
Michael Morris Chief Executive
Our Sustainability Data Performance Report is available on our website
Picton Property Income Limited / Annual Report 2024 56
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