Environmental focus Sustainable thinking, practical solutions
Net zero governance This year we have established a Climate Action Working Group, with members of the team across the business, to ensure we are progressing key actions and priorities on our pathway to net zero commitment, and reviewing and setting interim targets. We have also embedded net zero carbon criteria into our acquisition due diligence process.
We have committed to be net zero carbon for our operational and embodied emissions by 2040. 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.
Climate change is one of the most significant issues to be addressed globally and requires urgent action. It is recognised that commercial buildings are a key source of emissions and that as a responsible landlord we must seek to reduce the environmental impact of our buildings. We continually assess the environmental performance of our portfolio and seek to implement improvements where we can.
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.
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 2023
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