Picton Property Income Limited Annual Report 2023

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. In due course, we will begin to 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, our refurbishment activity across the portfolio has been carried out to improve and enhance the buildings’ sustainability credentials through making alterations to structure, mechanical and electrical maintenance or landscaping. 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 66–67

Net zero carbon progress Aims



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 improving our data accuracy and coverage and carried out five energy audits across a representative sample of asset types

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

24% reduction in operational carbon emissions for Scope 1 and 2, relative to our 2019 baseline 40% reduction in energy intensity of all Scopes, relative to our 2019 baseline Five operational PV systems totalling 0.176 MWp with a further three schemes under construction totalling 0.238 MWp. Considering a further six schemes which would provide a capacity of 7.625 MWp. 100% of our purchased electricity is from REGO backed renewable sources

On-site generation

Maximise amount of on-site renewable generation

We have commenced solar panel installation on industrial asset refurbishments and have commissioned feasibility studies across key identified assets

Renewables procurement

Procure high quality renewable energy

No existing energy contracts were due for renewal during the period


Acquire high quality offsets to neutralise residual emissions

While not yet under consideration, we will develop our strategy for high quality offsets post net zero carbon target year of 2040

Third party verification

Maintain credibility and transparency of our net zero carbon pathway

Annual independent third party assurance of energy data

Certification of energy, water, and waste data by third-party assurance


Picton Property Income Limited Annual Report 2023

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