Strategic Report
Governance
Financial Statements
Additional Information
‒ Carrying out a complete audit of all electricity, gas and water meters or sub-meters under our control to ensure that they are all functioning properly and recording consumption accurately. We plan to replace a small number of meters in 2023, which are now obsolete Maximising renewable opportunities To reduce the carbon footprint of our operational emissions, we are focusing on increasing our on-site renewable energy opportunities across our assets. This year we have installed three schemes and undertaken six renewable energy feasibility studies to identify asset-specific opportunities across the portfolio.
Reducing operational carbon Over the year we have been introducing energy efficiency measures across the portfolio to help measure and reduce occupier energy consumption, including: ‒ Developing an occupier engagement plan to ensure actions take place in a timely manner and effective cost-sharing mechanisms are introduced ‒ Continuing to include green lease clauses within our leases, with 64 completed this year ‒ Increasing data collection coverage to 85% and implementing a new data management system
Maximising off-site renewable procurement Within our portfolio currently 100% of landlord procured electricity is REGO backed (Renewable Energy Guarantees of Origin). When our electricity contracts expire, we will seek to procure high-quality renewables in line with the UKGBC guidance on renewable energy procurement. We seek to follow three main criteria on renewable energy procurement. It must be from renewable non-fossil fuel energy sources; create additional capacity in the grid; and have exclusive ownership and claims of the energy attributes.
2023
2024
2025
...
2040+
2022
Conduct whole life carbon assessments for all major refurbishments and fit-outs
Implement software to track embodied carbon from ‘in use’ standing assets
Embodied Carbon
Begin to quantify emissions related to procurement of goods and services to inform targets and related actions
Apply refurbishment guidelines to all new developments, refurbishments and fit-outs
Undertake net zero audits across the portfolio and establish asset specific carbon reduction plans
Integrate findings of net zero audits into longer term asset plans
Identify high-quality renewable energy procurement options
Operational Carbon
Identify priority assets
Conduct renewable feasibility studies for assets to estimate renewable power generation potential
Implement onsite renewables, prioritising most cost-effective sites
Identify a cost-effective solution for monitoring the energy consumption of occupiers
Liaise with key occupiers to understand their energy reduction plans and to investigate joint initiatives
Occupier Engagement
Install sub-metering for all energy recharging to understand occupier usage
Create a detailed occupier engagement plan
Integrate energy and carbon clauses into new and renewed leases, including access to energy data where energy procured directly by occupiers
Consider internal carbon price and transition fund
Embed net zero criteria into pre-acquisition due diligence process
Offset residual carbon resulting from all operations
Develop a carbon offsetting strategy
Net Zero Governance
Annually assess progress towards net zero commitment, including exploring additional actions towards net zero
Develop a data and target monitoring process
Future initiatives
Underway
Picton Property Income Limited Annual Report 2023
65
Powered by FlippingBook