Strategic Report
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Metrics and targets Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process
We report in line with EPRA Sustainability Best Practices Recommendations for sustainability reporting and issue our EPRA tables within our Sustainability Report. We provide information to our stakeholders on our climate-related performance and activities by reporting on a range of metrics for resource consumption, energy and carbon emissions across our portfolio. These include: ‒ Total and like-for-like Scope 1 and 2 emissions and total Scope 3 emissions. Scope 3 emissions are reported voluntarily and are calculated using internal expense reports alongside the emissions factors from the UK Government’s GHG Conversion Factors for Company Reporting 2020; ‒ Total and like-for-like electricity consumed in kWh, including energy intensity in kWh/ m 2 . We aim to have automatic meter reads across the whole portfolio to enhance reliability of data and reporting accuracy; ‒ Energy intensities for Scope 1 and 2 emissions using the metric tCO 2 e/m 2 . We use the most widely applied industry intensity ratios to aid transparency and comparability within the sector; ‒ Total and like-for-like water consumption, including occupier water consumption in absolute terms, for each asset type; and ‒ Total and like-for-like waste disposal in tonnes, split into recycling, composting, recovery, incineration and landfill. To supplement our quantitative measures, we also assess key qualitative measures, including EPC ratings and building certifications to build a holistic view of our portfolio’s performance. As part of our net zero carbon pathway we will be implementing metrics, including: ‒ Portfolio on-site renewable energy capacity (MW) ‒ Renewable energy procurement % ‒ High quality renewable energy procurement % ‒ Major refurbishment embodied carbon intensity (tCO 2 e/m 2 GIA) ‒ Minor development and fit out embodied carbon intensity (tCO 2 e/m 2 GIA) ‒ Total portfolio embodied carbon development (tCO 2 e) ‒ Total carbon emissions offset (tCO 2 e) We disclose Scope 1, 2 and 3 greenhouse gas emissions in our Annual Report and Sustainability Report. We have provided trend analysis since 2019 to show progress and historical performance. We have calculated and reported our emissions in line with the GHG Protocol Corporate Accounting and Reporting Standard. In recognition of the escalating concerns around climate change and our awareness that the real estate industry is a major contributor to global GHG emissions, to target meaningful carbon reduction, we have developed a net zero carbon pathway with the ambition to achieve net zero carbon by 2040. As part of this strategy, since most of our emissions are attributed to landlord and occupier energy consumption, we will be formulating energy efficiency measures and targets per asset type based on the UK Green Building Council’s targets for offices and the Carbon Risk Real Estate Monitor (CRREM) 1.5°C Global Pathways’ aligned targets for all other asset types. Additionally, we are pursuing an embodied carbon target of 300 kgCO 2 e/m 2 by 2040 for major refurbishments. As best practice and further guidance emerges surrounding targets, we will review our target to ensure its effectiveness for achieving our net zero carbon goal. Having identified our key material climate-related risks and opportunities by conducting rigorous climate risk assessments, we will develop additional appropriate metrics and targets against which to measure our performance.
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets
Picton Property Income Limited Annual Report 2022
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