GlobalData offers a comprehensive analysis of Derwent London, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Derwent London‘s ESG performance. GlobalData’s company profile on Derwent London offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Derwent London, a real estate investment trust, has set ambitious net-zero targets as part of its commitment to addressing climate change. The company plans to align its targets with a 1.5°C climate warming scenario, indicating its dedication to more aggressive emissions reductions. The company has already released its roadmap to achieve net-zero carbon emissions in July 2020, with the target date set for 2030.
In 2022, Derwent London's carbon emissions were as follows: a total of 2,676 tCO2e from the combustion of fuel and operation of facilities (Scope 1 Location-based), and 1,503 tCO2e from purchased electricity, heat, steam, and cooling for internal use (Scope 2 Location-based). The market-based emissions for Scope 1 and Scope 2 were 2,007 tCO2e and 28 tCO2e, respectively. The overall Scope 1 and 2 emissions amounted to 4,491 tCO2e (Location-based) and 2,035 tCO2e (Market-based). The emissions intensity, measured in kgCO2e per square meter, for Scope 1 and 2 (Location-based) was 11.6. Additionally, the total Scope 3 emissions, which encompass various categories such as capital goods, fuel and energy-related activities, downstream leased assets, waste management, water, and business travel, reached 40,571 tCO2e.
Currently, Derwent London aims to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 55% per square meter by 2027 from a 2013 base year, and Scope 3 GHG emissions by 20% per square meter by 2027 from a 2017 base year. These targets were verified by the Science Based Targets initiative in 2019.
Derwent London is actively working towards reducing its carbon and GHG emissions. In terms of energy consumption, Derwent London has made progress in using renewable sources, with 92% of its energy consumed coming from renewable sources in 2022. The company has also implemented energy efficiency measures, as evidenced by a decrease in total electricity consumption from 2021 to 2022.
To achieve its net-zero targets, Derwent London has taken several steps. The company has developed science-based carbon targets to guide its carbon reduction program and minimize its risk exposure to climate change. It also integrates climate change risks into its overall risk management approach, identifying and monitoring these risks as part of its wider risk management procedures. Derwent London is actively investing in carbon offset projects, such as tree planting and peatland restoration, to remove carbon from the atmosphere.
Looking ahead, Derwent London has plans to expand and finalize its carbon removal projects, including a proposed solar park. The company is also exploring lower carbon materials and construction methods to reduce embodied carbon in its buildings. Additionally, Derwent London is prepared for potential challenges, such as increased costs of high carbon raw materials and the need for more stringent building planning and design requirements.
In conclusion, Derwent London is committed to achieving net-zero emissions and has set ambitious targets to reduce its carbon and GHG emissions. The company is taking concrete steps to achieve these targets, including investing in renewable energy, implementing energy efficiency measures, and engaging in carbon offset projects. Derwent London's proactive approach to addressing climate change demonstrates its commitment to sustainability and responsible business practices in the real estate sector.
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