Strategic Report
Financial Statements
Additional Information
Governance
Environmental focus
What we have achieved this year ‒ Developed and published our net zero carbon pathway ‒ Became a signatory to the Better Buildings Partnership Climate Commitment ‒ Improved portfolio EPC ratings ‒ Removed gas supplies from three assets ‒ Increased the number of green leases completed ‒ Introduced further biodiversity measures ‒ Reduced GHG emissions compared to 2019 baseline ‒ Undertook two energy efficiency audits at office assets What we will do next year ‒ Address the initial priorities in our net zero carbon pathway ‒ Continue to improve data capture and increase coverage across our portfolio ‒ Undertake five net zero carbon audits across our portfolio ‒ Integrate findings from energy audits into longer- term asset business plans
This year we have been focused on two key projects to help us address the issue of climate change adaptation and mitigation. Firstly we have developed and published our net zero carbon pathway, as discussed below, and we have also carried out an assessment of climate-related risks relevant to our business, and how we identify and manage these. This is covered in the Managing Risks section. Net zero carbon pathway We have committed to be net zero carbon for our operational and embodied emissions by 2040. We have developed our pathway so that it aligns with the Better Buildings Partnership Net Zero Pathway Framework and the UK Green Buildings Council’s net zero carbon hierarchy. By 2040 all operational emissions arising from our portfolio will be reduced as much as possible through energy efficiency measures and the use of renewable energy, with any residual emissions offset. From 2040 onwards, all completed refurbishment projects will have reduced their embodied 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 (76%) relate to the energy consumption of our occupiers. Although not included in the baseline year assessment, embodied carbon associated with refurbishment activity has been projected for future years and is a key part of our commitment. We will continue to implement energy efficiency measures across the portfolio in order to meet energy intensity targets. We will also investigate on-site renewable energy opportunities and procure remaining energy requirements from high-quality renewable sources. For refurbishment projects we will employ circular economy principles, so reducing waste and demand for raw materials by keeping resources in the value chain for as long as possible. Our target is to reduce emissions on major refurbishments to 300 kgCO 2 e/m 2 . Finally we will source high quality carbon offsets, aligned with the Oxford Principles for Net Zero Aligned Offsetting. We have also become a signatory to the Better Buildings Partnership Climate Commitment.
Picton Property Income Limited Annual Report 2022
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