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Environmental Focus / Continued
Our net zero carbon progress Measuring and reducing embodied carbon Our target for major refurbishment embodied carbon intensity is 300kgCO 2 e/m 2 by 2040. The majority of our development activity comprises refurbishments and retrofit works, for which there are no industry benchmarks thus far. We will conduct whole life carbon assessments for all major refurbishments (above £1.5 million) and fit-outs in pursuing an embodied carbon target for our major refurbishments. To achieve the maximum embodied carbon savings, our sustainable refurbishment guidelines define our expectations for each project from the outset. This year, we continued to undertake refurbishment activity across the portfolio to improve and enhance the buildings’ sustainability credentials through making alterations to structure, mechanical and electrical maintenance or landscaping.
We have recently decided to seek independent external expertise through the appointment of a specialist environmental consultant. This will enable us to gain regular access to strategic advice, updates on industry best practice and guidance, as we further develop interim targets on our net zero carbon pathway. This year, we have updated our sustainable refurbishment guidelines, in line with the latest guidance from the Better Buildings Partnership. We continue to incorporate net zero carbon criteria into our acquisition due diligence process.
As the contract value of each refurbishment has been under £1.5 million, in line with our refurbishment guidelines we did not carry out any embodied net zero carbon assessments, but we endeavoured to repurpose, recycle and reuse materials where possible, minimising site waste. Read more on our GHG emissions on pages 64–65
Net zero carbon progress
Aims
Progress
Metrics
Embodied carbon
Minimise the embodied carbon cost of developments, major refurbishments and occupier fit-outs.
No whole life carbon assessments were required during the year, as individual asset refurbishment activity did not exceed £1.5 million. We have worked on engaging with our occupiers on automated data sharing to streamline the energy data collection process. We have continued to install solar panels on our industrial assets where feasible. No existing energy contracts were due for renewal during the period. We intend to develop our strategy for high quality offsets post net zero carbon target year of 2040 in the coming year. Annual independent third-party assurance of energy data.
Target embodied performance of less than 300kgCO 2 e/m 2 for major renovations.
Operational carbon
Ensure operational carbon performance and efficiency across the portfolio is improved.
16% reduction in operational carbon emissions for Scope 1 and 2, relative to our 2019 baseline.
On-site generation
Maximise amount of on-site renewable generation.
This year, we have completed the installation of solar arrays at a further five properties, increasing the generation capacity by 184% to 0.5 MWp. 100% of our purchased electricity is from REGO backed renewable sources.
Renewables procurement
Procure high quality renewable energy.
Offsetting
Acquire high quality offsets to neutralise residual emissions.
Third party verification
Maintain credibility and transparency of our emissions data.
Certification of energy, water, and waste data by third-party assurance.
Picton Property Income Limited / Annual Report 2024 62
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