For our current science-based target, we achieved an emission intensity reduction of 10% from last year and 65% since 2013. We recognise the importance of our occupiers’ emissions, and so we are currently going through a process of rebasing our science-based target, and next year our SBTi target will include occupier emissions, as part of our managed portfolio.
Water consumption has increased, likely as a result of occupancy, but remains a very small part of our carbon footprint (<1%). Our total waste generation has increased, likely as a result of increased occupancy, but our recycling rate has improved to 68% from 65% last year. This still misses our corporate target (75%) and as a result, we are working closely with our waste management contractor and our occupiers to improve this.
Our key performance metrics are summarised below and like last year, you can download our 2022 data. For detail on methodology please see our Basis of Reporting. Selected environmental, health & safety and green finance metrics within our report have been subject to independent reasonable assurance under ISAE 3000 (Revised) and ISAE 3410 by Deloitte LLP. Community metrics have been subject to independent limited assurance under ISAE 3000 (Revised) by Deloitte LLP. These metrics are marked (A) in our data workbook download.
Managed landlord and tenant
Gas (total building) (location-based)
Gas (total building) (market-based)
Fuel use in Derwent London company cars for business travel
Energy-use (location-based) (A)
Electricity use - generation (landlord-controlled areas and Derwent London occupied floor area) (location-based)
Energy-use (market-based) (A)
Electricity use - generation (landlord-controlled areas and Derwent London occupied floor area) (market based)
Capital goods (A)
Embodied carbon from developments
Fuel and energy related activities
Electricity use - WTT Generated Scope 3 Indirect GHG (Landlord -controlled areas and Derwent London occupied floor area)
Electricity use - T&D Direct GHG (Landlord-controlled areas and Derwent London occupied floor area)
Electricity Scope 3 WTT T&D Indirect GHG
Gas (total building) - WTT Generated Scope 3 Indirect GHG (total building)
Waste generated in operations
Waste (total building)
Water use (total building)
Fuel use in Derwent London company cars for business travel WTT
Business air travel WTT
Business air travel
Downstream leased assets
Downstream leased assets (tenant electricity emissions)
Total Scope 3 (location-based) (A)
Total Scopes 1, 2 & 3 (location-based)
Total Scopes 1, 2 & 3 (market-based)
Automatic Meter Reading (AMR)
AMR is the technology of automatically collecting consumption, diagnostic and status data from water or energy metering devices and transferring that data to a central database for billing, troubleshooting, or analysis purposes.
B Corp is a certification companies can pursue which requires them to meet social, environmental and accountability performance standards with regards to positively impacting all stakeholders (workers, suppliers, communities, and the environment). It focuses on transparency and accountability of a company’s operation, from their Articles of Association to supply chain.
Building Research Establishment Environmental Assessment Method (BREEAM)
BREEAM is an environmental impact assessment method for non-domestic buildings. Performance is measured across a series of ratings – Pass, Good, Very Good, Excellent and Outstanding.
Carbon dioxide equivalent (CO2e)
CO2e is a standard unit for measuring carbon footprints. It expresses the impact of each different greenhouse gas in terms of the amount of CO2 that would create the same amount of warming impact of each gas. As a result, the total impact of all these gases can be expressed as a single number/unit.
Considerate Constructors Scheme (CCS)
CCS is a not-for-profit, independently-managed organisation that sets out requirements and standards to drive better conduct across construction activities in three key areas: respecting the community, caring for the environment and valuing the workforce.
The CDP is an organisation which works with shareholders and listed companies to facilitate the disclosure and reporting of climate change data and information.
Chartered Institute of Credit Management (CICM)
UK-based professional body representing credit professionals, providing resources, training and qualifications for the credit management community.
CIBSE Technical Memorandum 54 (TM54) provides building designers and owners with clear guidance on how to evaluate operational energy use fully, and accurately, at the design stage. It sets out how the operational energy required for the building can be estimated - covering both regulated and unregulated loads.
Construction Logistics and Community Safety (CLOCS) Scheme
CLOCS is a national standard that requires collaborative action to prevent fatal or serious collisions between vehicles servicing construction projects and vulnerable road users: pedestrians, cyclists, and motorcyclists.
Embodied carbon is the amount of carbon emitted in the extraction, processing, manufacture, transportation and installation of materials.
Energy Performance Certificate (EPC)
An EPC is an asset rating detailing how energy efficient a building is, rated by carbon dioxide emission on a scale of ‘A’-‘G’, where an ‘A’ rating is the most energy efficient. They are legally required for any building that is to be put on the market for sale or rent.
European Public Real Estate Association (EPRA)
EPRA is an association of Europe’s leading property companies, investors and consultants which strives to establish best practices in accounting, reporting and corporate governance.
The FTSE4Good is an index that has been developed to measure objectively the performance of companies that meet globally-recognised corporate responsibility standards, such that organisations can make effective decisions when assessing or creating responsible investment products.
Fugitive emissions are emissions of gases or vapours (refrigerants) from pressurised equipment such as air conditioning units due to leaks and other unintended releases/losses.
Global Real Estate Sustainability Benchmark (GRESB)
The Global Real Estate Sustainability Benchmark is an initiative set up to assess the environmental and social performance of public and private real estate investments and allow investors to understand their performance.
Global Reporting Initiative (GRI)
The Global Reporting Initiative is an internationally-recognised sustainability reporting framework which provides metrics and methods for measuring and reporting sustainability-related impacts and performance.
Greenhouse Gas (GHG) Protocol Corporate Accounting Standard
This internationally-recognised standard sets out methodologies for businesses to collate, calculate and report all the GHG emissions they produce.
Home Quality Mark (HQM)
HQM is an assessment standard for new homes. Performance is measured across a series of star ratings 1-5.
ISS-ESG is an ESG rating service that provides corporate and country ESG research and ratings that enables its clients to identify material social and environmental risks and opportunities.
Leadership in Energy and Environmental Design (LEED)
LEED is a US-based environmental impact assessment method for buildings. Performance is measured across a series of ratings – Certified, Silver, Gold and Platinum.
Loan Market Association (LMA) Green Loan Principles
The green loan principles aim to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the green loan market. It comprises a series of voluntary recommended guidelines that seek to promote integrity by clarifying the instances in which a loan may be categorised as “green”.
Minimum Energy Efficiency Standard (MEES)
MEES sets a minimum energy efficiency level for buildings. By 2023, all commercial leases must be rated with EPC ‘E’.
National Australian Built Environment Rating System (NABERS)
NABERS is a building performance rating system which provides an energy performance benchmark using a simple star rating system on a 1-6 scale. This helps property owners understand and communicate a building’s performance versus other similar buildings to occupiers. Ratings are validated on an annual basis. It has been adopted in the UK as NABERS UK and is administered by the Building Research Establishment (BRE); NABERS UK currently relates to offices only.
National Equality Standard (NES)
NES is a Diversity, Equity and Inclusion (DE&I) standard which provides a rigorous assessment and action plan to ensure compliance against nine legally-protected characteristics and broader recommendations including social mobility and culture.
Radiative forcing is the change in the energy balance in the lower atmosphere by a climate change mechanism. In this case, the change mechanism we reference in this report is aircraft emissions. Aircraft emissions contribute to this energy change in a number of ways e.g. they release substances that trigger the generation of aerosol particles or lead to changes in natural clouds such as contrails.
Renewable Energy Guarantees of Origin (REGO)
The REGO scheme administered by Ofgem provides transparency to consumers about the proportion of electricity that supplier’s source/provide from renewable generation.
Renewable Gas Guarantees of Origin (RGGO)
The RGGO scheme provides transparency to consumers about the proportion of gas that supplier’s source/provide from renewable generation such as biomethane (the majority) or bio-propane.
Reporting of Injuries, Disease & Dangerous Occurrences Regulations, 2013 (RIDDOR)
The RIDDOR regulations require employers and those in control of premises by law to report specified workplace incidents, such as work-related fatalities, major injuries, seven-day injuries (those causing more than seven days inability to carry out normal duties), work-related diseases, and dangerous occurrences (near miss accidents).
Science-Based Target initiative (SBTi)
The Science-Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in science-based target setting and independently assesses and approves companies’ targets. Science-based targets provide companies with a clearly defined pathway to future-proof growth by specifying how much and how quickly they need to reduce their greenhouse gas emissions.
Scope 1 carbon (AKA direct emissions): includes a company’s emissions from items such as gas use in boilers, corporate fuel consumption in company cars and emissions from refrigerants used in air conditioning equipment.
Scope 2 carbon (AKA indirect emissions): includes emissions from landlord electricity consumption but excludes occupier electricity usage.
Scope 3 carbon (AKA other indirect emissions): includes items such as emissions from occupier electricity consumption, embodied carbon, business air travel, water and waste.
Task Force on Climate-related Financial Disclosures (TCFD)
Set up by the Financial Stability Board (FSB) in response to the G20 Finance Ministers and Central Bank Governors' request for greater levels of decision-useful, climate-related information; the TCFD was asked to develop climate-related disclosures that could promote more informed investment, credit (or lending), and insurance underwriting decisions. In turn, this would enable stakeholders to understand better the concentrations of carbon-related assets in the financial sector and the financial system’s exposures to climate-related risks.