Governance
Financial Statements
Additional Information
Strategic Report
Environmental focus
Sustainable thinking, practical solutions As a responsible owner of commercial real estate, we are committed to enhancing the environmental performance of our buildings and reducing our emissions. Sustainable thinking is embedded into our business, as both a top- down strategic priority and from a bottom-up asset level perspective. In practical terms, all our assets have a plan in place to measure, monitor and reduce carbon emissions, setting out the steps required to progress along our net zero carbon pathway.
By then, all operational emissions will be reduced as much as possible through energy efficiency measures and renewable energy, with any residual emissions offset. From 2040 onwards, all completed refurbishment projects will have reduced their embodied and operational carbon as much as possible, with any residual emissions offset upon practical completion. We have defined our portfolio’s baseline carbon footprint, using 2019 as the most representative recent year, to map the emissions reductions required to meet our 2040 target. As with similar property companies, the majority of our emissions relate to the energy consumption of our occupiers. Net zero governance Our Climate Action Working Group was established in 2022 to mitigate climate change risks and implement our net zero carbon pathway, through overseeing and coordinating sustainability improvements across the portfolio. Now in its second year, the Climate Action Working Group continues to make progress against key priorities.
Net zero carbon pathway Our 2040 commitment
To ensure credibility and transparency in our approach, we have developed our net zero carbon pathway so that it aligns with the Better Buildings Partnership Net Zero Carbon Pathway Framework and The UK Green Building Council’s (UKGBC) net zero carbon hierarchy. We have committed to be net zero carbon for our operational and embodied emissions by 2040.
Reduce embodied carbon
Optimise energy efficiency
Maximise on-site renewable energy
Maximise high quality off-site renewable energy procurement
Purchase high quality carbon offsets for residual emissions
Picton Property Income Limited / Annual Report 2024
61
Powered by FlippingBook