Environmental Focus/Continued
On an absolute basis, our Scope 3 emissions are 9,775 tCO 2 e. We have restated our 2021 Scope 3 emissions as we collected more data subsequent to the publication of last year’s Annual Report, making comparisons more meaningful. Our Scope 3 energy intensity has reduced by 19% over the year to 0.026 tCO 2 e/m 2 . This is a 22% reduction from our 2019 baseline. Methodology We collect all of our landlord controlled energy data via automatic meter readings, and following improvements in occupier data collection, we have increased our overall data coverage across the portfolio to 85% (from 75% in 2021). The aim to is reach 100% coverage of our portfolio and we continue to work with our occupiers and data providers to achieve this. All our large supplies work from automatic meter reads, with any void unit meter data being aggregated to an asset level. This means that 100% of landlord controlled data is meter read and not estimated. We are working towards rolling out automatic meter reads across the whole portfolio to increase coverage and reliability of our data and reporting accuracy. We have reported on all the emission sources required under the core requirements of EPRA Best Practices Recommendations and have voluntarily disclosed business
Our Scope 1 energy intensity has reduced by 12% over the year as we have acquired new assets with lower energy intensity levels. On a like-for- like basis the energy intensity has increased by 10% which reflects greater activity and use post-pandemic at our multi-let assets. Since our 2019 baseline, our Scope 1 intensity has reduced by 29% to 0.017 tCO 2 e/m 2 . Scope 2 On an absolute basis, our Scope 2 emissions have increased over the year by 14% to 1,657 tCO 2 e as we have acquired new assets and replaced gas with electrical systems. However, on a like-for-like basis our Scope 2 emissions have reduced by 3%, which reflects improved building energy efficiency and grid decarbonisation. From our 2019 baseline we have reduced absolute Scope 2 emissions by 28%. Scope 3 Around 80% of our total GHG emissions are Scope 3 emissions from our occupiers, therefore accurately recording this data is key to our net zero carbon strategy. This year we have increased our Scope 3 data coverage to 67% of the portfolio. We have achieved this with direct meter readings as well as ongoing dialogue with our occupiers.
Energy usage As part of our net zero carbon strategy, our focus on minimising landlord controlled gas heating in our assets has been reflected in the 3% absolute reduction in Scope 1 emissions over the period. This is despite increased building occupancy levels post-pandemic and property acquisitions over the period. On a like-for-like basis the reduction was 4% compared to the previous year. As we continue to transition away from gas supplies, there is a corresponding increase in electricity consumption, which is up 7% on a like-for-like basis, but also impacted by increased occupancy post-pandemic. Reflecting property acquisitions and in absolute terms, electricity consumption has increased by 25% over the year. Greenhouse gas emissions Scope 1 Overall, we have seen an absolute reduction in our Scope 1 emissions of 3% over the year to 989 tCO 2 e (-4% on a like-for-like basis), which reflects the ongoing strategy to replace gas with electricity across our portfolio. For example, during the year we replaced the gas based air conditioning system at 50 Farringdon Road, London and we have also removed gas from a number of our industrial units in line with our refurbishment guidelines. From our baseline year of 2019 we have reduced Scope 1 emissions by 15%.
2022
2021
2020
Absolute GHG emissions (tCO 2 e)
Absolute GHG emissions (tCO 2 e)
Absolute GHG emissions (tCO 2 e)
GHG intensity
GHG intensity
GHG intensity
GHG Scope
(tCO 2 e/m
2 )
(tCO 2 e/m
(tCO 2 e/m
Emission source
2 )
2 )
Combustion of fuel and operation of facilities Electricity, heat, steam and cooling purchased for own use
989 0.017
1
1,020 0.019
940 0.020
1,649 0.019
2
1,448 0.028 1,499 0.031
8 0.026
Office premises
2
5 0.018
8
N/A
Total Scope 1 and 2
2,646 0.027
2,473 0.044 2,447 0.043
3
N/A
Business travel Occupier data Landlord waste Total Scope 3 Total all Scopes
3 3 3 3
2
N/A
1
N/A
9,735 0.033 21 0.000 16 0.000 9,775 0.026 12,421 0.053
10,455 0.039 3,892 0.027
Landlord water and treatment
6 8
0.000 0.000
12 0.000 7 0.000
10,471 0.032 3,912 0.019 12,944 0.076 6,358 0.062
66
Picton Property Income Limited Annual Report 2023
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