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Picton Property Income
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== Sustainability enhancement and path to net zero carbon == During FY22 Picton published its net zero carbon pathway and became a signatory to the Better Buildings Partnership (BBP) Climate Commitment.4 The pathway sets out the company’s plan to achieve net zero carbon (NZC) for both operational and embodied emissions5 by 2040, 10 years ahead of the government target, including the emissions of occupiers. Alignment with the BBP NZC pathway framework will provide transparency to this approach. Picton will initially focus on Scope 1 and 2 emissions but also intends to work with occupiers to reduce the most significant part of the portfolio’s emissions, which fall under Scope 3. From 2040 onwards, all operational emissions will be reduced as much as possible through energy efficiency measures and renewable energy, with any residual emissions offset. From 2040 onwards, all completed refurbishment projects will have reduced their embodied and operational carbon as much as possible, with any residual emissions offset at practical completion. 71% of properties (by ERV) are currently rated EPC6 A-C, up from 64% in 2021, with the remainder rated D or E. From 2023, MEES7 regulations prohibit the leasing of space that is rated F or G and it is proposed that from 2027 a rating of at least C will be required. The company expects that most of the investment required to meet its EPC targets will form part of the existing rolling programme of asset enhancement and will work with occupiers that share similar environmental performance goals.
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