Strategic Report
Governance
Financial Statements
Additional Information
Recommendation
Commentary
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 processes
We report in line with EPRA Sustainability Best Practices Recommendations for sustainability reporting and publish our EPRA tables annually. We use a range of metrics to inform our stakeholders of our climate-related performance and activities, including: ‒ Total and like-for-like Scope 1 and 2 emissions and total Scope 3 emissions ‒ Total and like-for-like electricity consumed in kWh, including energy intensity in kWh/m 2 ‒ Energy intensities for Scope 1 and 2 emissions using the metric tCO 2 e/m 2 ‒ Total and like-for-like water consumption, including occupier water consumption in absolute terms, for each asset type ‒ Total and like-for-like waste disposal in tonnes, split into recycling, composting, recovery, incineration and landfill To supplement our qualitative measures, we also assess key quantitative measures, including EPC ratings and building certifications to build a holistic view of our portfolio’s performance.
Metrics included in our net zero carbon pathway include: ‒ 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)
In the coming year, we intend to track and publicly report additional metrics relating to our climate adaptation activities to support transparent communication of our progress to our stakeholders and investors. These will be included in our next TCFD report. We disclose Scope 1, 2 and 3 greenhouse gas emissions in our Annual Report and Sustainability Data Performance Report. We provide trend analysis since 2019 to show progress and historical performance. We calculate and report 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 key contributor to global GHG emissions, we have developed a 1.5°C aligned net zero carbon pathway with a target year of 2040. Our Scope 3 emissions, attributed to landlord and occupier energy consumption, are a key source of our overall emissions. To support the net zero carbon guides we have created for all asset types in our portfolio, we intend to formulate targets per asset type based on the UKGBC’s targets for offices and the Carbon Risk Real Estate Monitor (CRREM) 1.5°C Global Pathways’ aligned targets for all other asset types. We are pursuing an embodied carbon target of 300 kgCO 2 e/m 2 by 2040 for major refurbishments, aligning with the LETI 2030 Design Target for upfront embodied carbon (A1–A5). To increase our accountability and culturally embed climate risk management throughout the organisation, we have set remuneration-linked annual objectives applicable to Executive Directors’ bonus opportunities for sustainability 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 2023
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