1、Responsibility Report 2024Derwent London plc02 Introduction A year of progress03 About our report04 Data introduction 05 Data spotlight10 2024 progress12 2025 priorities13 EPRA reporting17 SASB reporting20 External benchmarks and industry participation21 Environmental basis of reporting25 Health&Saf
2、ety basis of reporting29 Green Finance basis of reporting37 Environmental and Health&Safety assurance statement42 Green Finance assurance statementOperating responsibly for all our stakeholders01Responsibility Report 2024Derwent London plcIn this report we have continued to improve and streamline ou
3、r reporting format in line with stakeholder feedback.Our net zero carbon ambition remains a driving force,and teams across the business are collaborating to deliver against our science-based targets.We have established and are leading the first developer-led cross-industry working group to accelerat
4、e the commercialisation of low and zero carbon concrete the Accelerating Concrete-Decarbonisation Group.Significant progress was also made further developing our innovative circular economy strategy.This facilitates the re-use and redeployment of materials across our managed portfolio and regenerati
5、on pipeline.As well as our focus on lower carbon materials,our work on reducing energy consumption and operational carbon emissions has continued.Across the managed portfolio,energy intensity reduced to 137 kWh/sqm,8%lower compared to 2023 and 17%below our 2019 baseline.This resulted in a 14%reducti
6、on in operational carbon emissions compared to 2023.These savings have been achieved through a combination of enhanced operational efficiency by our building managers,ongoing engagement with occupiers and asset upgrade works.Our solar park in Scotland is progressing well and is now under constructio
7、n with delivery expected in 2026.Once completed,this is expected to generate 18.4 MW of fully renewable electricity,which is in excess of 40%of the electricity needs of our London managed portfolio.Data remains a key focus.Following the extensive work we undertook in 2023 upgrading our data environm
8、ent,we rolled out our in-house developed environmental database in 2024.The new system is delivering greater efficiency through higher levels of automation within the data collection and analysis phases,while facilitating enhanced data sharing and usage across the business.Building managers now have
9、 easier access to better quality data on a timely basis,supporting them in earlier detection and remediation of excess consumption.Together with the implementation of our Intelligent Buildings programme,we are now able to share even more data with our occupiers.Supporting the communities in which we
10、 operate is important to us.In 2024,our Community Fund supported 16 projects with funding of 112,000,taking total funding since inception in 2013 to over 1.2m with 180 projects benefiting.It remains one of the longest serving funds of its type in our sector.Looking to 2025,we expect to introduce a m
11、ulti-year funding option whereby applicants will only need to apply once for a phased three-year funding package.Alongside our Community Fund,our Sponsorship and Donations Committee approved c.340,000 of charitable donations,taking total approved donations over the last 10 years to 4.2m.Further deta
12、il on some of the projects we worked with are outlined in our annual Report&Accounts.Our employees are instrumental to the success of our business,and we believe that having the right culture ensures our workforce thrives.Our latest employee pulse survey had a high response rate of 85%and indicated
13、an overall satisfaction rate of 91%with 93%of employees proud to work for Derwent London.We were also pleased to achieve National Equality Standard(NES)accreditation for the second successive time,achieving a score in the top 5%of NES-assessed organisations in the UK.Finally,we would like to thank o
14、ur teams and advisers for their hard work in ensuring that,while we focus on our ambitious programmes,we continue to support all our stakeholders and the wider community.We hope this report provides a sense of our achievements over the past year and of what lies ahead.Paul Williams John DaviesChief
15、Executive Head of SustainabilityA year of progressWe are pleased to report a strong operational performance in 2024.This was matched by continued positive progress in our environmental,social and governance(ESG)work.Paul Williams Chief Executive John Davies Head of Sustainability02Responsibility Rep
16、ort 2024Derwent London plcIntroductionABOUT OUR REPORTTo better integrate reporting,certain elements of our ESG reporting are now included within our 2024 Report&Accounts This report incorporates the material ESG reporting items,in the context of our day-to-day business activities,and data.Our data
17、remains fully downloadable and can be found here:Download our 2024 dataThis report relates to the work undertaken in the financial year 1 January to 31 December 2024.Its scope reflects our business activities real estate investment,management and development in central London which were unchanged in
18、 the year.Our data scope and boundaries,together with the calculation and aggregation methods,are set out later in this document in the basis of reporting.During the year,we undertook a double materiality assessment which builds on previous materiality assessments and has broadened our insight into
19、the material issues we face.Further details can be found in our 2024 Report&Accounts.We report our performance in line with various frameworks:EPRA Sustainability Best Practices Recommendations(sBPR)Sustainability Accounting Standards Board(SASB)Real Estate Standard UN Sustainable Development Goals(
20、SDGs)Task Force on Climate-related Financial Disclosures(TCFD)Selected environmental and health and safety metrics have been subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 standards.In addition,green finance metrics were subject to ind
21、ependent reasonable assurance under the ISAE 3000(Revised)standard by PricewaterhouseCoopers LLP.Their assurance statements can be found later in this document.Assurance statements/See page 37Scope,boundaries and materialityReporting frameworksAssuranceNetwork W103Responsibility Report 2024Derwent L
22、ondon plcAbout our reportDATA INTRODUCTIONBuilding on the significant work undertaken in 2023 to enhance our data capture and analysis processes,2024 saw the roll out of our new in-house developed environmental database which has meaningfully enhanced our ways of working.As well as supporting a redu
23、ction in energy consumption and operational costs,we also expect lower ongoing maintenance costs.Work to improve operational efficiency continued.Having selectively trialled shorter plant run times and relaxed temperature set points last year,these were rolled out more widely across the managed port
24、folio.Our ability to quantify the impact of these changes is helping us fine-tune our actions and support our occupier engagement.In 2024,we engaged with 118 occupiers comprising 76%of ERV.Other important initiatives in the year included the installation of air source heat pumps at 1&2 Stephen Stree
25、t W1 as we continue to decarbonise our managed portfolio.In addition,we retrofitted specialist software to enhance boiler operational efficiency at six buildings,with further installation works planned for 2025 where feasible.We made good progress reducing energy intensity to 137 kWh/sqm,8%lower tha
26、n in 2023.The initiatives we launched in 2024 should support further reductions in energy consumption and we will remain innovative in our efforts in identifying and actioning reductions,for ourselves and our occupiers.Our operational carbon footprint(Scope 1,2&3 excluding embodied carbon;location)r
27、educed 14%compared to 2023.Our key performance metrics are summarised below and our 2024 data workbook can be downloaded.For further details on our data methodologies see our Environmental Basis of Reporting on pages 21 to 24.Selected environmental and health&safety metrics within our report have be
28、en subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.These metrics are marked(A)in our data workbook download.In 2024,we rolled out our new environmental database which provides enhanced access to higher quality data and hence d
29、ecision makingCarbon footprint(Scope 1,2&3;location)tCO2e31,493Managed portfolio energy consumption kWh51,844,735(A)51,844,735(A)56,662,87220242023Managed portfolio energy intensity kWh/m2137(A)137(A)1492024202315,1692024202331,493 Download our 2024 dataWhite Collar Factory EC1(A)Selected 2024 envir
30、onmental metrics have been subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.04Responsibility Report 2024Derwent London plcData and downloadsDATA SPOTLIGHT(tCO2e)010,0005,00020,00010,00030,00015,00040,00020,000Our carbon footpri
31、nt(location-based)Landlord&tenant emissions(tCO2e)15,169202312,091(tCO2e)0Our carbon footprint(location-based,like-for-like)Landlord&tenant emissions(tCO2e)14,14620242023(e)Scope 3 Occupier emissions(d)Scope 3 Other emissions(c)Scope 3 Embodied carbon(A)(b)Scope 2(A)(a)Scope 1(A)(A)Location-based 20
32、24 environmental metrics across the managed portfolio have been subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.Like-for-like data has not been assured.Brunel Building W2 Download our 2024 data31,493202405Responsibility Report
33、 2024Derwent London plcData and downloadsDATA SPOTLIGHT continuedManaged landlord and tenant emissions(tCO2e)20242023ElementLocationMarket%changeLocationMarketScope 1Energy useGas(total building)2,374-21%3,004TravelFuel use in Derwent London company cars for business travel433%3Fugitive emissionsRef
34、rigerant emissions358-74%1,357Total Scope 1 (location-based)(A)2,736-37%4,364Total Scope 2 (location-based)(A)Energy useElectricity use generation(landlord-controlled areas and Derwent London occupied floor area)(location-based)2,705-3%2,795Total Scope 2 (market-based)(A)Electricity use generation(l
35、andlord-controlled areas and Derwent London occupied floor area)(market-based)19-35%29Scope 31.Purchased goods and servicesWater supply30-17%362.Capital goodsEmbodied carbon from developments(A)19,1362,295%7993.Fuel and energy-related activitiesEmissions from transmission&distribution(T&D)and well t
36、o tank(WTT)losses associated with landlord energy1,283-9%1,4115.Waste generated in operationsWaste(total building)52-34%796.Business travel117102%587.Employee commuting1100%11013.Downstream leased assetsDownstream leased assets(tenant electricity emissions)15,324-3%5,517Total Scope 3 (location-based
37、)(A)26,052225%8,010Total Scopes 1,2&3 (location-based)31,493108%15,169(A)Selected 2024 environmental metrics have been subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.1 Where the Group does not exercise operational control,con
38、sumption and emissions are not reported within our managed portfolio disclosure(within Scope 3,Category 13).This relates to the FRI portfolio and those elements of the managed portfolio(principally residential and retail units)where occupiers procure their own utilities.For completeness,based on est
39、imated energy consumption of c.38.6m kWh(2023:c.43.7m kWh),our best estimate of the carbon emissions for the FRI portfolio and those elements of the managed portfolio in 2024 is c.7,700 tCO2e(2023:c.8,700 tCO2e).For further details,refer to the Environmental Basis of Reporting on pages 37 to 41.Tota
40、l carbon footprint06Responsibility Report 2024Derwent London plcData and downloadsDATA SPOTLIGHT continuedData and downloads40,000,00040,000,00030,000,00030,000,00060,000,00060,000,00020,000,00020,000,00050,000,00050,000,00010,000,00010,000,000020242023Energy use absolutekWh020242023Energy use like-
41、for-like51,814,96656,584,860kWh51,844,735(A)56,662,872200150100250300500kWh/mManaged portfolio buildingsBuilding by building energy intensity (kWh/m2)2024 portfolio energy intensity 137 kWh/sqm(A)Electricity(on-site renewables)Gas(total building)(A)(A)Selected metrics have been subject to independen
42、t limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.Electricity(tenant-controlled areas)(A)Electricity(landlord-controlled areas,excl.on-site renewables)(A)Download our 2024 data Download our 2024 data07Responsibility Report 2024Derwent London plcUpfr
43、ont embodied carbon intensity(by scheme;modules A1 to A5)Download our 2024 data1,0000100200300400500600700800900Intensity measured by kgCO2e/m2410 Pentonville Road1 Page StreetWhite Collar FactoryBrunel Building80 Charlotte Street19 Fitzroy Street35 Rathbone Place68 Greencoat PlaceDL/78 Fit-out1 Soh
44、o PlaceThe Featherstone Building Francis HouseWhite Chapel Building Part Fit-outTea Building Unit Part fit-out43 Whitfield Street90 Whitfield L2 Part fit-out90 Whitfield Street ReceptionGround,first and third floor 171172 TCR45 Whitfield Street76 Charlotte StreetDL/28 Fit-outTea Building 2.01 Part f
45、it-outTea Building 3.01 Part fit-out25 Baker StreetNetwork BuildingStrathkelvin Retail Park90 Whitfield Street L5Henry Wood House FaadeTea Building 3.01 New BuildEstimateRefurbishmentDL embodied carbon target 2030DL embodied carbon target 2025Offset to be net zero in constructionDATA SPOTLIGHT conti
46、nuedHenry Wood House W108Responsibility Report 2024Derwent London plcData and downloadsDATA SPOTLIGHT continuedTea Building E1Waste recycled absolute(%)(A)Waste recycled like-for-like(%)202320242929303171717069(A)Selected 2024 metrics have been subject to independent limited assurance by Deloitte LL
47、P in accordance with the ISAE 3000(Revised)Standard.20232024Incineration(with energy recovery)(%)Recycling(%)(A)09Responsibility Report 2024Derwent London plcData and downloads2024 PROGRESSStrategic priorityTargetYear End Status CommentaryDesigning&delivering buildings responsibly All new build and
48、major refurbishment projects(commercial office)to achieve an upfront(A1-A5)embodied carbon intensity of:600 kgCO2e/m2(completing from 2025)and 500 kgCO2e/m2(completing from 2030)Our two on-site schemes and three projects which form the next phase of our pipeline are compliant.Network W1,which comple
49、tes in 2025,is forecast to meet the 2030 target Minimum of an A EPC rating for new builds.Minimum of a B EPC rating for all refurbishments,and where feasible uplift to an A rating for major refurbishmentsAll schemes compliant:target EPC ratings are in line with or better than targetAchieve a minimum
50、 4.5 star NABERS UK rating for new build projects and major refurbishmentsAll applicable schemes are on track:Network W1:current forecast 4.5 star 25 Baker Street W1:current forecast 4.5 starAchieve a minimum of BREEAM Excellent for all new build projects and major refurbishmentsAll applicable schem
51、es are on track:target BREEAM ratings are in line with or better than target Achieve a minimum of LEED Gold for all major new build projectsAll applicable schemes are on trackAchieve a minimum of Home Quality Mark 4 stars on all new residential developmentTarget applicable to 25 Baker Street and 50
52、Baker Street W1 schemes:both are forecast to be compliantAll new build and major refurbishment projects to achieve a minimum 15%biodiversity net gainAll schemes compliant and ahead of target( gain of 280%at 25 Baker Street)Managing our assets responsiblyReduce absolute Scope 1 and 2 GHG emissions by
53、 42%by 2030 from a 2022 baselineScope 1 and 2 GHG emissions in line with 2022 baselineAchieve a 46%energy intensity reduction from a 2019 baseline by 2030 across our managed portfolioEnergy intensity of 137 kWh/sqm is down 8%compared to 2023 and 17%compared to 2019Procure 100%renewable tariff,REGO-b
54、acked electricity and RGGO-backed gas for our managed properties as per our RE100 commitmentTarget achieved across managed portfolio in 2024:99%of electricity consumption was on REGO-backed tariffs and 100%of gas consumption was on RGGO-backed tariffsEnsure our managed portfolio achieves a minimum r
55、ecycling rate of 75%and sends zero waste to landfill from properties for which we have waste management controlOur managed portfolio recycling rate was 69%in 2024.We continue to operate zero waste to landfill across all our managed propertiesMaintain annual portfolio mains water consumption intensit
56、y in the like-for-like managed portfolio below 0.50 m3/m2.Long-term achieve a 10%reduction by 2030 from a 2019 baseline,to 0.48 m3/m2Like-for-like managed portfolio water intensity was 0.47 m3/m2 in 2024,reflecting a 21%decrease from the 2019 baselineEnsure a portfolio-wide Biodiversity Action Plan
57、is developed and projects implemented across the managed portfolioWe undertook a portfolio-wide biodiversity survey.Key actions for improving biodiversity have been identified and are being reviewed for implementation Achieved Ongoing In progress Not started10Responsibility Report 2024Derwent London
58、 plcData and downloadsStrategic priorityTargetYear End Status CommentaryCreating value in the community and for our wider stakeholdersDeliver the 11th year of the Derwent London Community FundTotal funding of 112,000 committed to support 16 projects:the Fitzrovia&West End Community Fund supported ei
59、ght projects across Westminster and Camden;the Tech Belt Community Fund supported eight projects across Hackney,Islington and Tower HamletsImplement the new Social Value Strategic Framework with the Customer Experience/Building Management/Development teamsA full programme of activity was delivered i
60、n 2024 in collaboration with the DL/Members team and our supply chain,including:Portfolio-wide fundraiser in aid of Comic Relief(an occupier at the White Chapel Building E1)in conjunction with DL/Service CIS Security,our service partner,pledged an annual donation to local charities for the duration
61、of their portfolio contract First charity abseil event held at White Collar Factory EC1 in aid of UCLH Charity,encouraging occupier participation from across the portfolio Rooftop half marathon hosted at White Collar Factory in aid of charities chosen by participating occupier teams Funding for seve
62、ral Islington schools to participate in the Green Schools Project,with support from service partner Recorra Ongoing volunteering programme for occupiers at Brunel Building W2 in conjunction with The Paddington PartnershipContinue to develop our Scotland community engagement programme at our Easter C
63、adder siteNew Roots,the not for profit community initiative,helped deliver a new community garden at Easter Cadder and hosted sessions on growing food and life skills for neurodivergent members of the local community.Further community initiatives are planned for 2025Engaging&developing our employees
64、Deliver technical and knowledge sharing mini presentations via the monthly Town Hall sessionsMini presentations have continued via the town hall forum.In addition,three technical workshops were held covering building accessibility and development projectsIssue internal newsletters from D&I Working G
65、roup and Responsibility Business Committee to increase awareness and share progressThe D&I Working Group newsletter was published in Q4 2024 which included an update on the work of the Health,Safety&Accessibility Working Group.Responsible Business Committee staff representatives presented the work o
66、f the committee at town halls Implement actions and recommendations following the fifth employee survey completed in October 2023Focus groups were held in Q1 2024 resulting in a number of actions,including a revamp of the staff appraisal form and rating systemDeliver the 2024 employee health and wel
67、lbeing programmeA series of health and wellbeing sessions were held during 2024,including lunch&learns on a broad range of topics.In addition,we hosted several educational sessions with our benefits providersReview and prioritise the recommendations from the Business Disability Forum self-assessment
68、Our focus in 2024 was on accessibility including undertaking accessibility audits and developing our knowledge of assistive technologiesParticipate in the#10,000 Interns programmeWe hosted four interns through the programme in 2024.Positive feedback was received from both the interns and their mento
69、rs2024 PROGRESS continued Achieved Ongoing In progress Not started11Responsibility Report 2024Derwent London plcData and downloads2025 PRIORITIESStrategic priorityTargetDesigning&delivering buildings responsibly All new build and major refurbishment projects(commercial office)to achieve an upfront(A
70、1-A5)embodied carbon intensity,measured against RICS v1,of:600 kgCO2e/m2(completing from 2025)and 500 kgCO2e/m2(completing from 2030)Minimum of an EPC A rating for new builds.Minimum of an EPC B rating for all refurbishments,and where feasible uplift to an A rating for major refurbishmentsPromote th
71、e circular economy,and for pipeline developments report on breakdown of resource pathways(by percentage)between re-use on site,re-use offsite,refurbished and recycledAchieve a minimum 4.5 star NABERS UK rating for new build projects and major refurbishmentsAchieve a minimum of BREEAM Excellent for a
72、ll new build projects and major refurbishmentsAchieve a minimum of LEED Gold for all major new build projectsAchieve a minimum of Home Quality Mark 4 stars on all new residential developmentAll new build and major refurbishment projects to achieve a minimum 15%biodiversity net gainManaging our asset
73、s responsiblyReduce absolute Scope 1 and 2 GHG emissions by 42%by 2030(to 3,161 tCO2e),from a 2022 baselineAchieve a 46%reduction in energy intensity by 2030(to 90 kWh/sqm),from a 2019 baseline,across our managed portfolioProcure 100%renewable tariff REGO-backed electricity and RGGO-backed gas for o
74、ur managed properties as per our RE100 commitmentEnsure our managed portfolio achieves a minimum recycling rate of 75%and sends zero waste to landfill from properties for which we have waste management controlMaintain mains water consumption intensity in the like-for-like managed portfolio below 0.5
75、0 m3/m2.Over the long-term,achieve a 10%reduction by 2030 to 0.48 m3/m2,from a 2019 baselineReview and implement actions from biodiversity survey where feasibleCreating value in the community and for our wider stakeholdersDeliver another year of funding for the Derwent London Community FundsFurther
76、expand on the key themes within the Social Value Strategic Framework with the DL/Member team and supply chainContinue to develop our Scotland community engagement programme at our Easter Cadder siteEngaging&developing our employeesDeliver technical and knowledge sharing mini presentations to support
77、 business-wide communication and collaborationIssue internal newsletters from D&I Working Group and Responsibility Business Committee to increase awareness,and share progress and impactAnalyse and act on results of 2024 employee pulse survey,and design and roll out sixth full employee survey in late
78、-2025Deliver the 2025 employee health and wellbeing programmeFurther review and prioritise the recommendations from the Business Disability Forum self-assessment and repeat the assessment process12Responsibility Report 2024Derwent London plcData and downloadsEPRA REPORTINGEnvironmental performance m
79、easuresMeasureEPRA codeGRI codeDefinition20242023Landlord grid electricity consumptionElec-Abs302-1Electricity use across our managed portfolio(landlord/common areas)annual kWh12,725,75513,236,503 Onsite renewable electricity consumptionElec-Abs302-1Electricity use across our managed portfolio (on-s
80、ite renewables)annual kWh 86,136 97,440DL occupied grid electricity consumptionElec-Abs302-1Electricity use across our managed portfolio(landlord-occupied areas)annual kWh338,291 262,094Tenant grid electricity consumptionElec-Abs302-2Electricity use across our total managed portfolio(tenant-occupied
81、 areas)annual kWh25,713,301(A)26,642,461Total electricity consumptionElec-Abs302-1Electricity use across our total managed portfolio38,863,483(A)40,238,497Like-for-like landlord grid electricity consumptionElec-LfL302-1Energy use across our like-for-like portfolio(landlord/common areas)annual kWh12,
82、659,47413,573,788Like-for-like onsite renewable electricity consumptionElec-LfL302-1Electricity use across our like-for-like portfolio(onsite renewables)annual kWh86,13697,440Like-for-like DL occupied grid electricity consumptionElec-LfL302-1Electricity use across our like-for-like portfolio(landlor
83、d-occupied areas)annual kWh266,746244,947 Like-for-like tenant grid electricity consumptionElec-LfL302-2Electricity use across our like-for-like portfolio(tenant-occupied areas)annual kWh25,713,30126,586,697 Like-for-like total electricity consumptionElec-LfL302-1Electricity use across our like-for-
84、like portfolio38,833,714(A)40,160,485Total district heating&cooling consumptionDH&C-Abs302-1None of our properties are connected to or benefit from district heating and coolingn/an/aLike-for-like total district heating&cooling consumptionDH&C-LfL302-1None of our properties are connected to or benefi
85、t from district heating and coolingn/an/aTotal fuel consumptionFuels-Abs302-1Fuel use(gas,oil,biomass)across our managed portfolio(landlord/common areas)annual kWh12,981,252(A)16,424,375Like-for-like total fuel consumptionFuels-LfL302-1Fuel use(gas,oil,biomass)use across our like-for-like portfolio(
86、landlord/common areas)annual kWh12,981,252(A)16,424,375Building energy intensityEnergy-Int302-3Energy use across our total managed portfolio(landlord/common areas)kWh per m266 76 Building energy intensityEnergy-Int302-3Energy use across our total managed portfolio(landlord&tenants)kWh per m2137(A)14
87、913Responsibility Report 2024Derwent London plcData and downloadsMeasureEPRA codeGRI codeDefinition20242023Total direct greenhouse gas(GHG)emissionsGHG-Dir-Abs305-1Total managed portfolio emissions(landlord-influenced portfolio emissions);Scope 1 emissions annual metric tonnes CO2e 2,736(A)4,364Tota
88、l indirect greenhouse gas(GHG)emissionsGHG-Indir-Abs(Location-based)305-2&305-3Total managed portfolio emissions (landlord-influenced portfolio emissions);Scope 2 energy-use annual metric tonnes CO2e2,705(A)2,795Like-for-like total direct greenhouse gas (GHG)emissionsGHG-Dir-Abs(LfL)305-1Like-for-li
89、ke emissions(landlord-influenced portfolio emissions);Scope 1 emissions annual metric tonnes CO2e2,7364,364Like-for-like total indirect greenhouse gas (GHG)emissionsGHG-Indir-Abs(Location-based)(LfL)305-2&305-3Like-for-like emissions(landlord-influenced portfolio emissions,building-related only);Sco
90、pe 2 energy-use annual metric tonnes CO2e2,699 2,791Greenhouse gas(GHG)intensity from building energy consumptionGHG-Int305-4Intensity(Scopes 1&2)per m2 tCO2e/m2/year0.014 0.018Greenhouse gas(GHG)intensity from building energy consumptionGHG-Int305-4Intensity(Scopes 1&2)per m2/m fair market value 1.
91、08 1.47 Greenhouse gas(GHG)intensity from building energy consumptionGHG-Int305-4Intensity(Scopes 1&2)per m2/m turnover25 34 Total water consumption (water withdrawn from municipal supplies)Water-Abs303-3-a&303-5-aWater use across our total managed portfolio(excluding retail consumption)annual m3192
92、,899(A)179,627Like-for-like total water consumption (water withdrawn from municipal supplies)Water-LfL303-3-a&303-5-aWater use across our like-for-like portfolio (excluding retail consumption)annual m3192,676(A)178,850Building water intensityWater-IntWater use across our total managed portfolio(excl
93、uding retail consumption)m3/m2/year0.47(A)0.44Total weight of waste by disposal routeWaste-Abs306-3&306-4Waste generated across our total managed portfolio annual metric tonnes and proportion by disposal route2,463 69%recycled(A)2,227 71%recycledLike-for-like total weight of waste by disposal routeW
94、aste-LfL306-3&306-4Waste generated across our like-for-like portfolio annual metric tonnes and proportion by disposal route2,390 70%recycled2,194 71%recycled Number of sustainably certified assetsCert-Tot TypePlease see our data section download.Sheet 10 tables 15-16 Download our 2024 data(A)Selecte
95、d 2024 environmental metrics have been subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 standards.Environmental performance measures continuedEPRA REPORTING continued14Responsibility Report 2024Derwent London plcData and downloadsEPRA RE
96、PORTING continuedSocial performance measuresMeasure/codeGRI codeReferenceDiversity-Emp Employee gender diversity(%of employees)405-12024 Report&Accounts page 173Diversity-Pay Gender pay ratio405-2As we have fewer than 250 employees,we are not obliged by The Equality Act 2010(Gender Pay Gap Informati
97、on)Regulations 2017 to disclose our gender pay informationEmp-Training Employees training and development(average hours)404-12024 Report&Accounts pages 137,165,186Emp-Dec Employee performance appraisals(%of employees)404-32024 Report&Accounts page 130Emp-Turnover Employee turnover and retention(tota
98、l number and rate)401-12024 Report&Accounts pages 30,50H&S-Emp Employee H&S(injury rate,absentee rate and no.of work-related fatalities)403-92024 Report&Accounts page 53H&S-Asset Asset H&S assessments(%of assets)416-12024 Report&Accounts pages 5253H&S-Comp Asset H&S compliance(no.of incidents)416-22
99、024 Report&Accounts pages 5253Comty-Eng Community engagement,impact assessments and development programmes (%of assets)413-12024 Report&Accounts pages 48-49Governance performance measuresMeasureGRI codeReferenceGov-Board Composition of the highest governance body(total no.)2-92024 Report&Accounts pa
100、ges 122123,137,143,173Gov-Selec Process for nominating and selecting the highest governance body (narrative on process)2-102024 Report&Accounts pages 140143Gov-Col Process for managing conflicts of interest(narrative on process)2-152024 Report&Accounts pages 128,136Read our 2024 Report&Accounts15Res
101、ponsibility Report 2024Derwent London plcData and downloadsEPRA REPORTING continuedOverarching recommendationsOrganisational boundaries and coverageRefer to our Environmental Basis of Reporting pages 21 to 24 for a full breakdown of our organisational boundaries and various reporting scopes and subs
102、equent coverage.Estimation of landlord-obtained utility consumptionThe data presented above for the purposes of the EPRA disclosure tables estimates the landlord/tenant split on a floor area basis.For details on methodology refer to our Environmental Basis of Reporting pages 21 to 24.Third-party ass
103、uranceSelected 2024 environmental metrics were subject to independent limited assurance by Deloitte LLP in accordance with the ISAE 3000(Revised)and ISAE 3410 Standards.The unqualified assurance opinion can be found on pages 37 to 41.Boundaries reporting on landlord and occupier consumptionWe report
104、 both landlord and occupier-derived consumption for electricity and subsequent carbon.Refer to our performance data summary on pages 4 to 9 and download our data for more details.Gas and water consumption is reported on a whole building basis.See our Environmental Basis of Reporting on pages 21 to 2
105、4 for more detail.NormalisationIntensity indicators based on floor area(m2)are provided for energy,water and carbon.Our data download provides all intensity metrics.For details on normalisation refer to our Environmental Basis of Reporting on pages 21 to 24.Analysis Segmental analysis (by property t
106、ype,geography)Our reporting portfolios currently report on one typology commercial office space,which is all located in central London.As a result,we do not compare location and typology(segmentation)within our portfolio to establish geo-spatial differences across varying property types.See our Envi
107、ronmental Basis of Reporting on pages 21 to 24 for more detail.Disclosure on own officesSee sheet 6,Table 9 in our data download for a breakdown of the energy use at our head office buildings.Narrative on performanceSee our environmental,social and governance performance summary within our 2024 Repo
108、rt&Accounts.For full details on our data,download our data.Location of EPRA sustainability performance measures in companies reportsA dedicated section on EPRA measures is in our 2024 Report&Accounts and on pages 13 to 15 within this report.Other issues to considerMaterialityRefer to our double mate
109、riality assessment on pages 42 to 43 within our 2024 Report&Accounts.Emerging indicator return on carbon emissionsWe report two sets of financially orientated carbon intensity measures tCOe/m turnover and tCOe/m fair market value,which can be found on page 14.Socio-economic indicators related to sus
110、tainability performanceWe were one of the first UK-based REITs to operate its own self-funded Community Fund.For more details on the 2024 fund recipients and community contributions see pages 48 to 49 in the 2024 Report&Accounts.TransportWe measure the carbon associated with our employees commuting
111、and with our business travel.We do not measure or report the emissions associated with employees,occupiers or visitors travelling to and from our properties.Refrigerant gasesWe report fugitive emissions from our managed air conditioning and chilling equipment as part of our Scope 1 carbon figures.Ou
112、r emissions footprint can be found on page 6 or download our data for more details.Download our 2024 dataMorelands EC116Responsibility Report 2024Derwent London plcData and downloadsThe following report has been prepared in accordance with the SASB Real Estate standard.The table maps the alignment o
113、f our reporting with the recommended metrics.We do not currently disclose all metrics in the standard,but will continue to evolve our reporting.SASB REPORTINGSustainability Accounting Standards Board(SASB)Real Estate Metrics IndexTopicCodeAccounting metric Unit of measureReference and commentsEnergy
114、 managementIF-RE-130a.1Energy consumption data coverage as a percentage of total floor area,by property subsectorPercentage(%)by floor areaWe report energy consumption for our managed portfolio,which equates to 64%of total investment portfolio floor area,including on-site developments.See our Enviro
115、nmental Basis of Reporting on page 21 for the composition of our energy reportingIF-RE-130a.21)Total energy consumed by portfolio area with data coverage,2)percentage grid electricity,and 3)percentage renewable,by property subsectorKilowatt-hour(kWh),percentage(%)1)See energy use Sheet 5,table 72)99
116、.8%of electricity consumed was purchased from the grid3)99%of our purchased electricity is from renewable tariffs backed by REGOs.We have photovoltaic(PV)installations in a number of our buildings which generated 86,136 kWh of electricity or 0.2%of our total see net zero carbon metrics Sheet 2,table
117、 3IF-RE-130a.3Like-for-like percentage change in energy consumption for the portfolio area with data coverage,by property subsectorPercentage(%)See like-for-like energy use Sheet 5,table 8 Download our 2024 dataIF-RE-130a.4Percentage of eligible portfolio that(1)has obtained an energy rating and(2)i
118、s certified to ENERGY STAR,by property subsectorPercentage(%)by floor areaSee EPC breakdown Sheet 11,table 17 Download our 2024 dataIF-RE-130a.5Description of how building energy management considerations are integrated into property investment analysis and operational strategyEnergy management is i
119、ntegrated into our approach in the design,delivery and operation of our assets.Further details of how we approach this can be found in our Responsible Development Brief,Responsible Asset Framework and our Net Zero Carbon Pathway.We also have energy targets for our existing buildings,and targeting NA
120、BERS UK ratings for new developments and major refurbishments will assist us in driving down energy usage17Responsibility Report 2024Derwent London plcData and downloadsTopicCodeAccounting metric Unit of measureReference and commentsWater managementIF-RE-140a.1Water withdrawal data coverage as a per
121、centage of(1)total floor area and(2)floor area in regions with high or extremely high baseline water stress,by property subsectorPercentage(%)by floor area1)We report water withdrawal(consumption)for our managed portfolio which equates to 66%of total investment portfolio floor area,including on-site
122、 developments.Please see our Environmental Basis of Reporting pages 21 to 24 for the composition of our water reporting2)By floor area,93%of our investment portfolio is in central London which is categorised as an area of high water stress1.The remaining 7%is in Glasgow,Scotland which is an area of
123、low water stressIF-RE-140a.21)Total water withdrawn by portfolio area with data coverage and(2)percentage in regions with high or extremely high baseline water stress,by property subsectorThousand cubic metres(m),Percentage(%)1)See water use Sheet 8,table 11 Download our 2024 data2)99.9%of water wit
124、hdrawn(consumed)within the managed portfolio is in a high water stress areaIF-RE-140a.3Like-for-like percentage change in water withdrawn for portfolio area with data coverage,by property subsectorPercentage(%)See like-for-like water use Sheet 8,table 12 Download our 2024 dataIF-RE-140a.4Description
125、 of water management risks and discussion of strategies and practices to mitigate those risksWater management is integrated into our approach in the design,delivery and operation of our assets.Further details of how we approach this can be found in our Responsible Development Brief and Responsible A
126、sset Framework.We have water targets for our new developments and managed buildings designed to assist us in driving down water usage.Water risk is also included in our physical climate risk assessments,details of which can be found in our latest TCFD disclosure on pages 102 to 115 in our 2024 Repor
127、t&AccountsSASB REPORTING continued1 According to the World Resource Institutes Water Risk Atlas tool Aqueduct(Aqueduct Water Risk Atlas(wri.org).18Responsibility Report 2024Derwent London plcData and downloadsTopicCodeAccounting metric Unit of measureReference and commentsManagement of tenant sustai
128、nability impactsIF-RE-410a.11)Percentage of new leases that contain a cost recovery clause for resource efficiency-related capital improvements and(2)associated leased floor area,by property subsectorPercentage(%)by floor area,square metre(m2)Our standard form of lease includes various sustainabilit
129、y/resource efficiency-related clausesIF-RE-410a.2Percentage of tenants that are separately metered or sub-metered for 1)grid electricity consumption and 2)water withdrawalsPercentage(%)by floor area1)Close to 100%of our occupiers are sub-metered for electricity.Our current electricity reporting is d
130、one via floor area apportionment.Following completion of our portfolio-wide sub-metering installation project in 2024,we will review moving to a sub-metered reporting approach2)Occupier water use is apportioned by floor area with limited sub-meteringIF-RE-410a.3Discussion of approach to measuring,in
131、centivising and improving sustainability impacts of tenantsOccupier engagement is a key part of our Net Zero Carbon Pathway.We undertake a wide range of activities to support our occupiers,such as:One-to-one meetings to build conversations about their own sustainability aspirations Hosting green for
132、ums in our multi-occupied properties Providing guidance notes on energy and water reduction Providing data on energy use to help occupiers benchmark their performance Providing input on company certifications such as B Corp and Planet MarkIn addition to the above we have also strengthened our standa
133、rd form of lease,licence to alter and tenant fit-out guide with specific net zero-related aspectsClimate change adaptationIF-RE-450a.1Area of properties located in 100-year flood zonesBy floor area,7%Horseferry House SW1,1 Page Street SW1 and 230 Blackfriars Road SE1 of our London portfolio is locat
134、ed within a 1-in-100-year flood zone and 6%of our Scottish portfolioIF-RE-450a.2Description of climate change risk exposure analysis,degree of systematic portfolio exposure and strategies for mitigating risksSee our TCFD disclosure on pages 102 to 115 in our 2024 Report&AccountsActivity metricsIF-RE
135、-000.ANumber of assets,by property subsectorNumberSee our Environmental Basis of Reporting on pages 21 to 24 for the composition of our investment and managed portfoliosIF-RE-000.BLeasable floor area,by property subsectorSquare metre(m2)See our Environmental Basis of Reporting on pages 21 to 24 for
136、the composition of our investment and managed portfoliosIF-RE-000.CPercentage of indirectly managed assets,by property subsectorPercentage(%)by floor area36%of our assets are indirectly managedIF-RE-000.DAverage occupancy rate,by property subsectorPercentage(%)See page 6 for EPRA vacancy rate in our
137、 2024 Report&AccountsSASB REPORTING continued19Responsibility Report 2024Derwent London plcData and downloadsEXTERNAL BENCHMARKS AND INDUSTRY PARTICIPATION External benchmarking of our performance helps us to track and assess our progress.We are also signatories of:Climate Change:APrime rating:C+Gre
138、enstar status,A rated public disclosure(100/100),Development 5 Star(97/100),Standing Assets 4 Star(84/100)Gold AwardESG rating:AAA We participate in the following benchmarks:The Featherstone Building EC120Responsibility Report 2024Derwent London plcData and downloadsIndependent assuranceSelected env
139、ironmental metrics have been subject to independent limited assurance in accordance with the ISAE 3000(Revised)Standard as well as the ISAE 3410 Standard.Assured metrics are denoted with an(A)symbol.The full Deloitte assurance statement can be viewed on page 37.PortfolioInvestment portfolio 61 prope
140、rties;446,000 sqm(NIA)The investment portfolio comprises the Groups entire portfolio,including managed and single-let(FRI)properties,retail and residential.Managed portfolio 35 properties(in total)The managed portfolio comprises the multi-let commercial office portfolio(including occupier lounges DL
141、/78 and DL/28)where the Group has control over one or more utilities;this forms the basis of our data reporting.Utilities provision is not uniform across all buildings:Occupiers may procure their own utilities.Not all buildings have a gas supply.Not all buildings are serviced under the Groups waste
142、management contract,and sometimes waste is provided as the only utility.ENVIRONMENTAL BASIS OF REPORTINGScope and boundaryThe reporting period covered in this report is 1 January to 31 December 2024 which is aligned with our financial reporting.The operational control approach is used which incorpor
143、ates properties where Derwent London has management control and influence over the operations.This is referred to as the managed portfolio;more detail is provided below.Prior year comparative data is provided.Where there is a change in calculation methodology,discovery of errors or structural change
144、s to the business which result in changes in excess of 5%,prior year data will be restated.No prior year data has been restated.Our Responsibility Report includes reporting in line with the Greenhouse Gas(GHG)Protocol.We also report in line with EPRA and SASB.Our UN SDG and TCFD disclosures can be f
145、ound on pages 57 and 102 to 115 of our 2024 Report&Accounts.We report on the following basis:Managed portfolioElectricityGasWaterWasteIncludesConsumption in landlord and common areas Occupier consumption of landlord-procured electricityConsumption in whole buildingConsumption in whole buildingProper
146、ties serviced under the Derwent London waste management contract34 properties 370,000 sqm(GIA);319,000 sqm(NIA)22 properties 337,000 sqm(GIA);263,000 sqm(NIA)30 properties 411,000 sqm(GIA);326,000 sqm(NIA)24 properties 459,000 sqm(GIA);325,000 sqm(NIA)Excludes Retail utility consumption and associat
147、ed floor area(NIA)Occupier-procured utility and associated floor area(NIA)Residential utility consumption and associated floor area(NIA)Utility consumption from development projects(which forms part of our embodied carbon footprint)Single-let(FRI)or properties where the Group has no management contr
148、ol or influenceExceptions Strathkelvin Retail Park:Landlord electricity consumption at our third-party managed Strathkelvin Retail Park in Glasgow(car park and building manager office)is included in absolute energy consumption for the managed portfolio.However,it is excluded from both electricity an
149、d energy intensity as it is a different use type to our office properties and does not align with our intensity calculation approach.This is in accordance with our Net Zero Carbon Pathway.In addition,the embodied carbon from our regeneration activity is recognised on a phased basis.Estimates Energy
150、intensity:To account for buildings where we provide landlord services for heating,cooling or ventilation,but have either partial or no visibility of occupier-procured electricity consumption,electricity usage is adjusted based on landlord-consumed and landlord-procured occupier electricity consumpti
151、on data to align with the appropriate energy floor area.Embodied carbon(Scope 3,Category 2):For smaller rolling refurbishment schemes where we have carried out a third party embodied carbon assessment for previous units,we apply the same intensity to the relevant floor area.Unmanaged properties emis
152、sions(Scope 3,Category 13):New in 2024,where the Group does not exercise operational control over utilities within a building(e.g.for the FRI portfolio as well as retail and residential units within the managed portfolio),we calculate a best estimate of consumption.This figure is not included within
153、 our carbon disclosure,but rather as a best estimate for completeness.The electricity and gas intensity of the managed portfolio is applied to the relevant GIA,which has been normalised to reflect the proportion of the year for which the property was owned by Derwent London.Utilities consumption est
154、imates are converted into carbon equivalents using appropriate UK Government carbon conversion factors.All buildings are assumed to have both gas and electricity supplies.Like-for-like portfolio Properties for each utility 34 for energy,22 for gas,30 for water,22 for wasteThe like-for-like portfolio
155、 comprises properties included within the managed portfolio for the entirety of the current and prior reporting years.Aligned to changes in the like-for-like portfolio,prior year comparative data is restated annually.21Responsibility Report 2024Derwent London plcData and downloadsENVIRONMENTAL BASIS
156、 OF REPORTING continuedCarbon calculation methodology Scope 1 direct emissions Scope 1 emissions comprise:Gas consumption;Company-owned vehicle travel;and Fugitive emissions(refrigerants).In line with the GHG protocol,where a landlord exercises operational control over a leased and/or owned asset,em
157、issions associated with fuel combustion(i.e.natural gas and Company-owned vehicles)are reported within Scope 1.Emissions associated with use of purchased electricity are reported within Scope 2(landlord consumption)and Scope 3(occupier consumption;Category 13,Downstream leased assets).The Group has
158、one diesel Company-owned vehicle with the carbon factor applied to annual mileage.Fugitive emissions relating to refrigerant losses are calculated using equipment service records which state refrigerant recharge amounts.Scope 2 indirect emissions (location and market-based)Scope 2 emissions,which ar
159、e reported in terms of carbon equivalents(tCO2e)using the appropriate UK Government GHG conversion factor which includes the relevant Kyoto Protocol-regulated gases,comprise purchased electricity consumption for landlord spaces/common areas and Derwent London occupied spaces.Derwent London occupied
160、spaces consist of head office usage at 25 Savile Row W1 and our two occupier lounges(DL/78 and DL/28)which are shared occupier amenity spaces.The Groups corporate electric vehicles are not reported separately as charging predominantly occurs at our buildings.To enable market-based emissions reportin
161、g,the Groups utility broker provides evidence that purchased electricity is contracted on renewable tariffs backed by REGOs(Renewable Energy Guarantees of Origin),which meet the requirements of the GHG protocol.In addition,while not recognised under the GHG protocol,our purchased gas is contracted o
162、n green gas contracts backed by RGGOs(Renewable Gas Guarantees of Origin).Scope 3 other indirect emissions Scope 3 emissions comprise other indirect emissions(not in Scope 2).The Group regularly reviews the materiality of each Scope 3 category to account for improvements in data collection and devel
163、opment of agreed sector measurement approaches.Not all categories are relevant to the scope of our business activities.We set out below the categories we currently report against and,where appropriate,the method used.Category 1 Purchased goods and services Water consumption.Utilities used in constru
164、ction are captured within our embodied carbon reporting(Category 2).We will look to perform further mapping of Category 1 in 2025 to improve data coverage and subsequent carbon reporting.DL/28 in Old Street EC1Category 2 Capital goods(embodied carbon)In line with our Responsible Development Brief(up
165、dated in 2024)and Whole Life Carbon Brief,all relevant development projects are required to carry out embodied carbon assessments in line with BS EN 15978:2011.Relevant projects are defined at project commencement dependent on scope agreed by the Project Manager and Sustainability Team.The scope of
166、embodied carbon assessment that we report is upfront carbon,modules A1-A5,in line with RICS v1,with results presented in total gross tonnes(tCO2e)and kgCO2e/sqm.This scope was chosen as it represents the area over which the Group has most control,and where the most significant proportion of embodied
167、 carbon is generated.Our consultants utilise material environmental product declarations(EPDs)and generic product embodied carbon estimates from industry databases and tools e.g.One Click LCA.The project Sustainability Consultant,in conjunction with the Design Team and Main Contractor,updates the as
168、sessment at each stage of design and at practical completion,in line with our Whole Life Carbon Brief.In 2024,we updated our methodology for reporting embodied carbon on major projects.We now report annually on a phased basis;these were previously reported at project completion.Total estimated emiss
169、ions from the RIBA Stage 4 report are spread equally over the construction period.For our two major on-site projects,25 Baker Street and Network,as well as Strathkelvin Retail Park,which are all due to complete in 2025,the embodied carbon will be spread and reported over the remaining construction p
170、eriod(2024 and 2025).Post practical completion,the as-built embodied carbon assessment will be reported,and any accruals will be captured in the final reporting year.Carbon recognition commences at the start of the construction phase.Where projects in the current year relate to enabling works alone(
171、equivalent to the demolition phase of major development projects)this is not considered to have commenced and as such no embodied carbon is recognised in the current reporting period.Small refurbishment projects which have a low carbon output and shorter timescales(sub two years)will continue to be
172、reported in full in the year of practical completion.The carbon tonnage for A1-A5 is offset in the year of reporting.Offsets procured to date through our offset provider,Climate Impact Partners,are from projects accredited by the Verified Carbon Standard(VCS),Climate,Community&Biodiversity(CCB)Allia
173、nce or the American Carbon Registry(ACR).22Responsibility Report 2024Derwent London plcData and downloadsCategory 3 Fuel&energy-related activities Well-to-tank(WTT)and transmission&distribution emissions for electricity,are calculated based on landlord electricity consumption(Scope 2)with the releva
174、nt UK Government GHG conversion factors applied.WTT for gas is calculated based on actual gas consumption(Scope 1)with the relevant UK Government GHG conversion factors applied.Category 5 Waste generated in operations (including waste water)Operational waste.Water treatment.Contractor waste from con
175、struction is captured in our embodied carbon reporting(Category 2).Category 6 Business travel Following a detailed review of the carbon emissions associated with the Groups business travel,air travel is considered to be the only material mode of transport.Travel by rail and taxi comprise less than 5
176、%of business travel emissions.Air travel emissions are calculated based on distance between start and end destinations using an online distance calculator(Air Miles Calculator).Appropriate air travel carbon conversion factors are applied which include the uplift for radiative forcing.ENVIRONMENTAL B
177、ASIS OF REPORTING continuedEnergyElectricity and gasThe hierarchy of data sources for monthly consumption is:1.Automatic meter readings(AMR);2.Manual meter readings(MMR);then 3.Utility invoices.Monthly consumption per meter is recorded and consolidated for each managed property.AMR data,where availa
178、ble,is validated against MMR data on a risk-based sample checking basis.In 2024,the Group completed the migration of its data capture and analysis processes to a new data ecosystem,significantly reducing exposure to manual data processing.Landlord/occupier electricity consumption allocation To facil
179、itate the Scope 2/3 split for electricity consumption-related carbon emissions,the Group reports consumption from landlord-controlled areas(common areas)and shared services where whole building heating and/or cooling is provided.Landlord area is calculated by deducting net lettable floor area(NLA,al
180、so referred to as NIA)from gross internal area(GIA)for each property.Landlord area electricity usage(in kWh)is calculated by dividing total building consumption by building GIA and then multiplying by landlord area.Occupier electricity consumption(in kWh)is calculated by deducting landlord area usag
181、e from total building usage.On-site renewable electricity generation On-site generation of renewable electricity(self-generated)refers to electricity generated by photovoltaic(PV)panels at our managed properties.PV panels are installed at the following buildings:The Featherstone Building EC1 Soho Pl
182、ace W1 43 Whitfield Street W1 1 Olivers Yard EC1 White Collar Factory EC1 90 Whitfield Street W1On-site project embodied carbon recognitionRecognised in:Major on-site projectsStage 4 project estimate (tCO2e)Prior years(tCO2e)2024 (tCO2e)Remaining(tCO2e)25 Baker Street W126,63813,31913,319Network W19
183、,3714,6864,685Strathkelvin Retail Park1,548774774Total37,55718,77918,778Category 7 Employee commuting We conducted an employee commuting survey (91%response rate)in 2023.Employees selected their mode of travel to work and mileage,from which the emissions associated with commuting have been calculate
184、d using the appropriate conversion factors for the modes of transport provided.The same data set has been used in 2024.Category 13 Downstream leased assets (occupier emissions)Calculated based on landlord/occupier allocation approach described below.Categories 4,8,9,10,11,12,14&15 Currently not iden
185、tified as material to scope of business or not relevant.Financial intensityFinancial intensity metrics are calculated based on total turnover and portfolio fair value.In 2024,Group turnover (gross rental income)was 214.8m and at 31 December 2024,the fair value of the Groups portfolio was 5.0bn.These
186、 metrics are not subject to assurance by Deloitte LLP.Carbon conversion factorsCarbon conversion factors are used to convert utilities,refrigerants and travel into carbon equivalents which the Group then uses to report its location-based carbon emissions.Updated conversion factors are published annu
187、ally by the UK Government.See Sheet 12,table 18 in our data download.Download our 2024 data23Responsibility Report 2024Derwent London plcData and downloadsWater(municipal water withdrawn)Data is collected monthly via automatic(AMR)and manual(MMR)meter readings taken by Building Management teams.A co
188、nsistent approach is applied for the recording,consolidation,validation and review of water consumption as used for electricity and gas.Where AMR and MMR data is not available,invoices are used.Normalisation and intensity calculation methodology Electricity,gas,energy,carbon and water intensity calc
189、ulations use normalised floor area to reflect the proportion of the year for which Derwent London had responsibility for the relevant commodity.This aligns with our financial reporting approach and ensures comparability where the Group did not have responsibility for a commodity for the full year.To
190、 ensure accuracy of reporting,normalisation occurs either from the date where utility data is first received rather than date of acquisition or to the date of disposal as appropriate.Building energy intensity is calculated by dividing utility usage by floor area.The floor areas used in our underlyin
191、g energy intensity calculations are determined in line with electricity/gas data coverage within a building.To account for buildings where we provide landlord services for heating,cooling or ventilation,but have either partial or no visibility of occupier-procured electricity consumption,electricity
192、 usage is adjusted based on landlord-consumed and landlord-procured occupier electricity consumption data to align with the appropriate energy floor area.Water intensity is calculated using total water consumption divided by gross internal floor area(GIA).WasteFor properties where the Group has wast
193、e management control,data is requested from our third-party contractor.Itemised monthly reports allow for calculation of waste to landfill and recycling rate data as follows:On-board vehicle weighing is used for general waste,paper,cans and plastic containers(PCPC),glass and food waste.This represen
194、ts the majority of our waste reporting.Average weights are used where waste units are collected,or bins exchanged.ENVIRONMENTAL BASIS OF REPORTING continuedThe Featherstone Building EC1Waste and recycling data reflects the weight of materials at the point of collection.In line with standard industry
195、 practice,this figure may differ from the actual amount recycled due to contamination.However,all waste is either recycled or sent to a waste-to-energy plant;none is sent to landfill.Full information on end-destination and treatment of each waste stream is provided by our contractor.Contractor waste
196、 from construction is captured in our embodied carbon reporting(Scope 3,Category 2).Science-based targets The Group reports in line with the Science Based Targets initiative(SBTi),a global partnership enabling businesses to set ambitious GHG emissions reduction targets in line with the latest climat
197、e science.Our targets,which were set in 2023(adopting a 2022 baseline,being the last reported 12-month data set)under the SME route,align with a 1.5C climate scenario.Near-term target:42%reduction in absolute Scope 1&2(location-based)GHG emissions by 2030(to 3,161 tCO2e)from a 2022 base year and to
198、measure Scope 3 emissions.This is reported as a percentage change from 2022 to the reporting year.Long-term net zero target:90%reduction in absolute Scope 1,2&3(location-based)GHG emissions by 2040 from a 2022 base year;committed to reach net zero by 2040.We have set a base year emissions recalculat
199、ion policy in line with SBTi and GHG protocol.If there is a change in methodology,discovery of errors or structural changes to the business that results in a greater than 5%change to the base year,our target will be rebased.24Responsibility Report 2024Derwent London plcData and downloadsReporting bo
200、undaryOur reporting boundary focuses on work-related incidents only and the scope is as follows:EmployeesManaged Portfolio*Construction ProjectsIncludesDerwent London(Derwent)employees with an employment contract.These are our employees based at our head office location in London,and those based in
201、our DL/Lounges(named DL/28,DL/78).Derwent employees and service partner workers that are based in our Managed Portfolio buildings.This includes our London Managed Portfolio(45+offices)and Caledonian Managed Properties(5+commercial),as well as approximately 20+residential units.All Accidents and Inci
202、dents occurring within landlord areas of our properties,including those from construction projects in site/works areas that are not handed over in full to the Principal Contractor.All our development schemes and Managed Portfolio projects,including strip-outs and refurbishments,which require Derwent
203、 to hand over site/works area responsibility in full to the Principal Contractor.Typically,these projects are over one month in duration.This includes both the London Portfolio projects and Caledonian Properties projects.ExcludesDerwent employees based in our Managed Portfolio buildings these will b
204、e captured in our Managed Portfolio reporting.Consultants(non-employees)are excluded as these are minimal and vary in hours each month.Non-Executive Directors,who have a contract,but are not based in Derwent properties.This excludes our Head Office demise at 25 Savile Row,W1.Single let properties(FR
205、I)where Derwent have no management control are excluded.Demised spaces are excluded,such as tenant(occupier)offices,leisure,and retail units.Accidents and Incidents occurring in Construction site/works areas are excluded from this category where they are not handed over in full to the Principal Cont
206、ractor(and therefore are included in the Managed Portfolio scope).*Note:the Managed Portfolio building count for our health and safety data differs from that of our environmental data because we maintain a health and safety responsibility for buildings(or parts of buildings)where we do not control o
207、r have influence over utility consumption.The total property count will vary from time-to-time as properties are acquired,disposed of,or change in status e.g.Managed to FRI leasing etc.HEALTH&SAFETY BASIS OF REPORTINGWe measure and report our health and safety(H&S)data across three primary areas:1.O
208、ur Employees ensuring the safety,health and wellbeing of our employees.2.Our Managed Portfolio ensuring the safe,healthy and secure operation and maintenance of our buildings.3.Our Construction Projects working with our project teams and principal contractors,endeavouring to ensure our projects are
209、designed and delivered safely,and without risk to health.Since 2020,we have improved the collation of information across the Managed Portfolio.From initially obtaining accident and incident statistics,to obtaining working hours and widening the coverage of the reporting to include all service partne
210、rs with a working base on our properties.In 2023,we increased the scope to include all service partner incidents and working hours within our Managed Portfolio.This increases both the reporting category and working hours totals,so that the overall rates are still comparable but are more statisticall
211、y significant.In 2024,the Directors agreed to split the RIDDORs reported category into Direct and Indirect.Details of this can be found on page 28.Reporting periodOur reporting period is aligned to our financial year,set to the calendar year 1 January to 31 December 2024.DL/Service Fitzrovia W125Res
212、ponsibility Report 2024Derwent London plcData and downloadsHEALTH&SAFETY BASIS OF REPORTING continuedReporting Metrics for Health&Safety PerformanceWe report our health and safety data across nine key performance indicators for our employees,managed portfolio,and construction projects:Minor injuries
213、 a work-related accident,which is not a RIDDOR or an employees Lost Time Injury but resulted in harm to an individual e.g.a slip,trip or fall requiring first aid treatment.Near miss event not causing harm but has the potential to cause injury or ill health.Lost time injuries an injury from an accide
214、nt which causes a loss of time beyond the shift during which the accident occurred.This is recordable only for workers,e.g.directly-employed Derwent employees,service partner workers,and construction projects workers.This does not apply to tenants or members of the public(as per HSE Reportable Injur
215、y guidance).Direct and Indirect RIDDORs Direct RIDDORs reported are separated from TOTAL RIDDORs reported.The table below confirms the split between the two types reported factors that affect this include RIDDOR classification,employee/non-employee status,and whether Derwent has had(or could have ha
216、d)an influence or impact over the reported RIDDOR.RIDDOR Category(Cat)DescriptionExample scenariosDirect RIDDOR Cat A ANY Work-related fatality Cat B ANY Specified Injuries to workers Cat C Over 7 Day Injury(employee)Cat D Accidents to non-worker taken directly to hospital(Derwent influence/impact i
217、nvolved)Cat E Occupational disease(employee)Cat F Dangerous Occurrences Cat A Construction Worker fatality on site Cat B Accident to maintenance worker causes broken limb Cat C Derwent employee injures back whilst carrying delivery,off work 8+days Cat D Member of public falls on defective ramp,fract
218、uring ankle,and then taken direct to hospital Cat E Employee undertaking repetitive task at work is diagnosed with carpal tunnel syndrome Cat F Scaffolding collapse on public highway due to poor design or build agreed with Derwent no reportable injuriesIndirect RIDDOR Cat A N/A Always Direct RIDDOR
219、Cat B N/A Always Direct RIDDOR Cat C Over 7 Day Injury(non-employee)Cat D Accidents to non-worker taken directly to hospital(but no Derwent influence/impact)Cat E Occupational disease(non-employee)Cat F Dangerous Occurrences Cat C Office cleaner traps finger in doors due to incorrect use or distract
220、ion,off work for 8+days Cat D Tenant falls down landlord stairs,due to intoxication or distraction,fracturing shoulder Cat E Cleaner/engineer using chemicals in office building leading to dermatitis Cat F Excavator overturns on full construction site during demolition stage no injuries TOTAL RIDDORS
221、 any reportable incident under the RIDDOR regulations,see HSE website:RIDDOR Reporting of Injuries,Diseases and Dangerous Occurrences Regulations 2013.This includes occupationally-related fatalities,specified injuries,over 7-day lost time injuries for Derwent employees,service partner workers,or con
222、struction project workers;specified occupational diseases;and specified dangerous occurrences.These are recorded as soon as possible after the event.Dangerous occurrences as defined by RIDDOR These include incidents involving lifting equipment,pressure systems,overhead electric lines,electrical inci
223、dents causing explosion or fire,gas incidents,explosions,exposure to biological,mutagenic and carcinogenic agents,radiation generators and radiography,breathing apparatus,diving operations,collapse of scaffolding,and pipeline works.Work-related fatalities Occupational activities resulting in work-re
224、lated death on our premises or construction sites,or as a direct result of our activities on our premises or construction sites.Prohibition and improvement notices a notice issued by an enforcing authority,such as a Local Authority,Fire Service,or the HSE,should they find a serious health and safety
225、 contravention during a site inspection.We also report our health and safety data across five key rates.In order to calculate the rates,we use the number of working hours across the Head Office function(Employees),the Managed Portfolio(Building Operations Managers,Caledonian Properties estate team a
226、nd Service Partners workers)and Construction Projects(Construction workers).Person hours worked(updated calculation)For Employees(Derwent employees,apart from Building Operations Managers and the Caledonian Properties estate team),this is calculated on confirmed headcount each month with an estimate
227、d number of working hours available,based on contracted hours per week.The average contracted hours will vary between employees within Head Office locations,Derwent Lounges,and Caledonian Properties.An average is taken of the hours and multiplied by the headcount each month.Over a year,47 weeks are
228、worked,once contracted annual leave(5 weeks)is subtracted.For the Managed Portfolio,this is the hours worked on site by Derwent employees working as Building Operations Managers,Caledonian Properties estate team,and our service partner workers.This information is provided via a monthly online return
229、 form submission.26Responsibility Report 2024Derwent London plcData and downloadsHEALTH&SAFETY BASIS OF REPORTING continuedFor Construction Projects,this is all person hours worked on construction sites in line with the above reporting boundary.This information is provided via a monthly online retur
230、n form submission.Calculated accident/incident rates:Injury rate (total number of injuries excl.RIDDOR and Lost Time Injuries)/(total hours worked)x 1,000,000.Lost day rate (Lost Time Days from Lost Time Injuries/(total hours worked)x 1,000,000.This only includes Lost Time Injury(LTI)days for Derwen
231、t employees,construction projects and service partners.It does not include tenants and members of the public lost time.This is not assured by Deloitte for Employees.Severity rate total number of lost workdays/total number of incidents.This only includes LTI days for employees,construction projects,a
232、nd for service partners.It does not include tenants and members of the public lost time.Incidents include minor injuries,LTIs,and any RIDDORs.This is not assured by Deloitte for Employees.RIDDOR(TOTAL)accident frequency rate(AFR)the number of RIDDORs(TOTAL)/total hours worked x 1,000,000.RIDDOR(Dire
233、ct)accident frequency rate(AFR)the number of RIDDORs(Direct)/total hours worked x 1,000,000.Construction ProjectsScope The reporting scope for our construction projects covers our large development schemes,refurbishments,life cycle and smaller projects,which are notifiable to the Health and Safety E
234、xecutive(HSE).This includes our London Managed Portfolio,construction projects and Caledonian Properties construction projects.MethodologyOur principal contractors are required to collate all the required H&S data and return it to our H&S Team on a monthly basis(Monthly Online Return Form).This info
235、rmation is compiled into a report,reviewed,and the data then trended.This report is provided to the H&S Committee and the Risk Committee on a quarterly basis.The Head of H&S sample-checks and signs off all data following each Quarter end.Managed Portfolio and EmployeesScope The reporting scope for o
236、ur Managed Portfolio covers our managed properties,directly employed staff that work in our managed buildings(Building Management and Caledonian Properties estate team),service partner workers and members of the public visiting our buildings.It covers incidents occurring in landlord areas only,withi
237、n our London Managed Portfolio and Caledonian Managed Properties.The reporting scope for our Employees covers directly employed Derwent employees at both our head office in London and Derwent Lounges.MethodologyWe use a health and safety data management system RiskWise to capture all incident data.T
238、he incident data is captured by this system with the Building Operations Manager or Estate Manager responsible for ensuring it is populated at the required intervals.Data is automatically collated and trended,and the system facilitates the collation of statutory documentation.Our H&S Team reviews th
239、e output from RiskWise on a weekly and monthly basis and reports to the H&S Committee and the Risk and Audit Committees on a quarterly basis.The Head of H&S sample-checks and signs off all data following each Quarter end.Morelands EC127Responsibility Report 2024Derwent London plcData and downloadsDL
240、/28 in Old Street EC1Health and Safety data2024EmployeeManaged PortfolioConstruction ProjectsTotalsIndicatorsPerson hours worked(A)259,822*981,639*1,716,2072,957,668Minor injuries(A)2231843Near miss(A)1294070Lost time injuries(A)1247Lost time days251017RIDDORs(TOTAL)(A)0336RIDDORs(Direct)*(A)0224Dan
241、gerous occurrences(A)0000Fatalities(A)0000Improvement notices(A)0000Prohibition notices(A)0000RatesInjury rate(A)7.7023.4310.4914.54Lost day rate(A)7.705.095.835.75Severity rate(A)0.670.180.400.30RIDDOR AFR(A)0.003.061.752.03RIDDOR AFR(Direct)(A)0.002.041.171.35For the metrics denoted as(A)above,Del
242、oitte LLP provide third-party limited assurance in accordance with the ISAE 3000(Revised).For Employees,Deloitte does not assure lost time injuries,injury rate,lost day rate,or severity rate.In addition,Deloitte does not assure the Totals column displayed in the table above.A copy of their assurance
243、 statement is available on pages 37 to 41.*Denotes that person hours worked for Employees includes Derwent Lounges,but does not include Building Operations Managers and Caledonian Properties employees working hours,which are subtracted from submitted internal Employees data and added to Managed Port
244、folio data.*Direct RIDDORs reported(new indicator)are separated from TOTAL RIDDORs reported.The Basis of Reporting on page 26 confirms the split between the two types reported.HEALTH&SAFETY BASIS OF REPORTING continued28Responsibility Report 2024Derwent London plcData and downloadsGREEN FINANCE BASI
245、S OF REPORTINGTaking a use of proceeds approach,it sets out how we enter Green Financing Transactions to fund projects that will deliver environmental benefits alongside supporting our business strategy and purpose.The Framework has been prepared in line with the Loan Market Association(LMA)Green Lo
246、an Principles 2021 and International Capital Market Association(ICMA)Green Bond Principles 2021 guidance document,has been externally reviewed and a Second Party Opinion(SPO)has been obtained.The latest Framework and SPO are available on our website at .Out of our total debt facilities of 1.9bn,650m
247、 satisfy our definition of Green Financing Transactions(GFTs).The GFTs comprise the 350m Green Bond issuance in 2021 and a 300m green tranche included within our main corporate 450m revolving credit facility which was arranged in 2019.Together these are used to fund qualifying green expenditure.In 2
248、024,we appointed PricewaterhouseCoopers LLP to replace the previous assurance provider and to provide an independent reasonable assurance opinion on our green finance metrics for the year ended 31 December 2024.The Board of Directors have reviewed the reporting requirements in relation to the Groups
249、 Green Financing Transactions and approve the reporting of the green finance metrics noted below.Reporting scope We report and measure the progress of our Eligible Green Projects(EGPs)across the following areas(where applicable):Project name Identification of the scheme/asset(s)Description A descrip
250、tion of the scheme/asset(s)Expected completion date Estimated scheme/asset(s)completion date Size Scheme/asset(s)floor area Projected cost Projected total project cost Category for eligibility The criteria used to determine whether the scheme/asset(s)will qualify as an eligible green project as set
251、out in section 3.1 Use of Proceeds of the Green Finance Framework Impact reporting indicators The reporting indicator(s)used to demonstrate the impact of the eligible green project Impact performance reporting Performance against the impact reporting indicator(s)Framework criteria for eligibilitySec
252、tion 3.1 of the Framework lists out the eligibility criteria for projects.The criteria are used to clearly characterise the sustainability credentials of a project and ensure alignment with our overall strategic priorities and the UN Sustainable Development Goals.To be eligible for election each pro
253、ject must meet at least one of the criteria.Borrowings issued under the Framework must also align with the LMA Green Loan Principles or ICMA Green Bond Principles.Eligible Green Project selection and approvalPrior to approval,all projects are fully appraised to assess the financial returns together
254、with a full risk assessment of the benefits and impacts on our stakeholders.The appraisal will generally include all associated costs to take the project through to practical completion.The capital expenditure budget is approved through three main committees each with specified approval authority le
255、vels,these are:1.Cost Committee;2.Executive Directors;and3.The Derwent London Board.Consideration is also given to whether a project is eligible for green finance,and in turn which eligibility criteria within section 3.1 of the Framework it aligns with.Prior to formal election as an EGP,the project
256、undergoes a review by the Head of Sustainability and the Group Financial Controller,via the completion of the Green Finance Eligibility form,to ensure the eligibility of the project and alignment to section 3.1 of the Framework.Our Green Finance Framework(the Framework)is an important tool in our mo
257、ve towards becoming a net zero carbon business,as it demonstrates the clear link between our financing,development and refurbishments and our environmental objectives.White Collar Factory EC129Responsibility Report 2024Derwent London plcData and downloadsImpact performance reportingTo monitor the on
258、going progress of each EGP,each new development or major refurbishment project is required to have a Project Sustainability Plan in place,in line with our Responsible Development Brief.For other projects,this forms part of the relevant buildings sustainability plan.Each plan contains a series of per
259、formance criteria which are aligned to the eligibility criteria set out in section 3.1 of the Framework.Performance is monitored by the Development and Sustainability Teams with formal reporting to the Sustainability Committee on a regular basis.Where the impact reporting has yet to be fully achieve
260、d e.g.a scheme is yet to receive its final assessment methodology certificate,we will continue to track the progress via monthly or quarterly reporting which is mandated for our development projects.This ensures we are tracking funding correctly.Impact indicators reporting criteriaEach of the EGPs n
261、oted in the section below have been elected against the Green Buildings criteria of the Framework.The impact indicators used for Green Buildings are internationally recognised environmental certifications or ratings for buildings,as follows:BREEAM(Outstanding,Excellent,Very Good,Good,Pass,Unclassifi
262、ed)at design and post-construction stages;LEED(Platinum,Gold,Silver,Certified)at post-construction stage;EPC(A,B,C,D,E,F,G)at post-construction stage;and Home Quality Mark(5-star ratings)at design and post-construction stages.Third party sustainability consultants monitor the progress of each projec
263、t against environmental performance targets and report whether each building is on target or off target.Target performance is reported for projects,including those that have not yet reached the development stage but where a relevant design certificate is available,or where the certification process
264、is underway but not yet completed.Following receipt of certification,the achieved performance is reported.Current Eligible Green ProjectsThere are currently five EGPs benefiting from the Green Financing Transactions.These EGPs have been elected in accordance with the Framework,which is included as p
265、art of PwCs assurance:1.80 Charlotte Street W1(excluding Asta House and Charlotte Apartments),2.1 Soho Place W1,3.The Featherstone Building EC1,4.25 Baker Street W1(excluding retail and refurbished residential),and5.Network W1.All five projects either have met or are currently on track to meet their
266、 targeted certification ratings as set out on following pages.GREEN FINANCE BASIS OF REPORTING continuedMorelands EC130Responsibility Report 2024Derwent London plcData and downloadsGREEN FINANCE BASIS OF REPORTING continued80 Charlotte Street W1This mixed-use scheme completed in June 2020 and compri
267、ses 326,000 sq ft of offices,43,000 sq ft of residential(10,000 sq ft affordable housing),two retail units,a public park and DL/78.This is a net zero carbon building and was our first all-electric scheme with all the central heating and cooling provided from air source heat pumps,significantly reduc
268、ing carbon emissions.Completion date:Completed in 2020Size:377,000 sq ftCategories for eligibility:Green building,criterion 1(excludes Asta House and Charlotte Apartments)Impact reporting indicators:Building certification achieved(system&rating):BREEAM,LEED and EPCImpact performance reporting:Achiev
269、ed:BREEAM Excellent LEED Gold EPC B31Responsibility Report 2024Derwent London plcData and downloadsGREEN FINANCE BASIS OF REPORTING continuedSoho Place W1Soho Place is a 285,000 sq ft mixed-use scheme on the corner of Oxford Street and Charing Cross Road,directly above Tottenham Court Road station.I
270、t comprises of 1 Soho Place(192,400 sq ft of offices and 33,100 sq ft of retail,known as One Oxford Street),2&4 Soho Place(40,000 sq ft theatre,and offices),and a new public realm linking Charing Cross Road to Soho Place.The scheme completed in H1 2022.The building has 115m2 of photovoltaics(solar p
271、anels)installed which generates approximately 18 MWh of electricity per annum and biodiverse brown roofs to support wildlife.Following the disposal of the leasehold interest in 2&4 Soho Place in July 2022,only 1 Soho Place remains elected as EGP.Completion date:Completed in 2022Size:225,500 sq ftCat
272、egories for eligibility:Green building,criterion 1Impact reporting indicators:Building certification achieved(system&rating):BREEAM,LEED and EPCImpact performance reporting:1 Soho Place Achieved:BREEAM Outstanding LEED Gold EPC B32Responsibility Report 2024Derwent London plcData and downloadsGREEN F
273、INANCE BASIS OF REPORTING continuedThe Featherstone Building EC1This 124,000 sq ft office-led scheme was delivered in H1 2022 and reflected an 81%uplift on the previous floor area.The building utilises concrete core cooling which is a highly efficient cooling solution integrated into the ceiling sla
274、bs and removes the need for traditional air conditioning.The building has 115m2 of photovoltaics installed which generates approximately 17 MWh of electricity per annum.Completion date:Completed in 2022Size:124,000 sq ftCategories for eligibility:Green building,criterion 1Impact reporting indicators
275、:Building certification achieved(system&rating):BREEAM,LEED and EPCImpact performance reporting:Achieved:BREEAM Outstanding LEED Platinum EPC A33Responsibility Report 2024Derwent London plcData and downloadsGREEN FINANCE BASIS OF REPORTING continued25 Baker Street W1Expected completion date:2025Size
276、:298,000 sq ftProjected cost:493mCategories for eligibility:Green building,criterion 1 and 2(excludes retail and refurbished residential)Impact reporting indicators:Building certification achieved(system&rating):Offices BREEAM,LEED and EPC;Private Residential Home Quality MarkImpact performance repo
277、rting:25 Baker Street officesAchieved:BREEAM Outstanding(design stage)Expected:BREEAM Outstanding (post-construction),on target LEED Gold,on target EPC A,on target30 Gloucester Place officesAchieved:BREEAM Excellent (design stage)Expected:BREEAM Excellent(post-construction),on target EPC B,on target
278、Private residentialExpected:Home Quality Mark 4 Stars,on targetThe Baker Street development scheme,which totals 298,000 sq ft,commenced in Q4 2021.The development comprises 216,000 sq ft of offices(204,000 sq ft at 25 Baker Street and 12,000 sq ft at 30 Gloucester Place),28,000 sq ft of retail,41 pr
279、ivate residential units and 10 affordable units.The development will have a low carbon all-electric central heating and cooling system derived from air source heat pumps.As well as joining our high quality long-life,low carbon,intelligent portfolio,the building will be our first NABERS UK certified
280、scheme.The scheme includes part new development and part refurbishment.Sections of this project do not qualify for eligible expenditure under the Framework,mainly in relation to the retail and refurbished residential elements.These have been excluded from the qualifying green expenditure.25 Baker St
281、reet has been designed as a low carbon building,aligning with our 2025 target of 600kgCO2e/sqm.In some cases,sustainability certifications targeted or received,such as BREEAM,LEED and EPC,only apply to certain phases of this development.Where this occurs,this has been disclosed below.34Responsibilit
282、y Report 2024Derwent London plcData and downloadsGREEN FINANCE BASIS OF REPORTING continuedNetwork W1Our newest development is Network W1,which commenced in June 2022.The scheme will comprise 134,000 sq ft of offices and 5,000 sq ft of retail.Network has been designed as a low carbon building,aligni
283、ng with our 2025 target of 600 kgCO2e/sqm,and it is currently forecast to meet our 2030 target of 500 kgCO2e/sqm.Expected completion date:2025Size:139,000 sq ftProjected cost:249mCategories for eligibility:Green building,criterion 1Impact reporting indicators:Building certification achieved(system&r
284、ating):BREEAM,LEED and EPCImpact performance reporting:Achieved:BREEAM Outstanding(design stage)Expected:BREEAM Outstanding(post-construction),on target LEED Gold,on target EPC A,on target35Responsibility Report 2024Derwent London plcData and downloadsm100200300400500600800900700 Green RCF Green bon
285、d Green expenditure Available green headroom Drawn green facilitiesGreen borrowings and qualifying expenditureGreen facilitiesQualifying expenditureDrawn green facilities0437213350300878Financial monitoringQualifying expenditure on each EGP is tracked and reviewed against budget and reported interna
286、lly on a quarterly basis.Section 3.4 of the Framework sets out the external reporting and monitoring requirements.Qualifying green expenditureThe qualifying expenditure as at 31 December 2024 for each project is set out in the table below.This includes an element of look back capital expenditure on
287、projects in which expenditure had been incurred prior to managements approval of the project as an EGP.This also includes capital expenditure on projects which had already been incurred as at October 2019,when the Groups first GFT was executed.Costs which form part of the initial project appraisal o
288、r which are associated with delivering the EGP through to practical completion are included within the eligible green expenditure of the project.Costs incurred following completion are generally excluded unless specifically elected as green projects.80 Charlotte Street,1 Soho Place,and The Featherst
289、one Building are all completed projects and are fully operational.25 Baker Street and Network,which commenced on site in 2021 and 2022 respectively,are both due to reach practical completion in 2025.Cumulative spend on each EGP as at the reporting dateSubsequent spendEGPLook back spend mQ4 2019 FY 2
290、023 m2024 Spend(a)mCumulative Spend(a)m80 Charlotte Street W1185.652.50.1238.21 Soho Place W157.5165.91.2224.6The Featherstone Building EC129.168.40.898.325 Baker Street W126.5132.187.1245.7Network W123.812.734.771.2322.5431.6123.9878.0(a)Subject to independent reasonable assurance by Pricewaterhous
291、eCoopers LLP under ISAE 3000(Revised).The total qualifying expenditure incurred in 2024 was 123.9m and the cumulative qualifying expenditure on the EGPs at 31 December 2024 was 878m.Drawn borrowings from GFTs as at 31 December 2024 were 437.0m,which comprised of the 350m Green Bonds and 87m drawn un
292、der the green tranche of the RCF.Therefore,there was 213m undrawn under the 300m green tranche of the RCF,all of which is available to fund future cash flow requirements of the Group.A requirement under the Framework and the facility agreement is for there to be an excess of qualifying spend on EGPs
293、 over the amount of drawn borrowings from all GFTs which,as shown below,has been met.GREEN FINANCE BASIS OF REPORTING continued45 Whitfield Street W136Responsibility Report 2024Derwent London plcData and downloadsENVIRONMENTAL AND HEALTH&SAFETY ASSURANCE STATEMENTOur assurance conclusion Based on ou
294、r procedures described in this report,and evidence we have obtained,nothing has come to our attention that causes us to believe that the Selected Information for the year ended 31 December 2024,and as listed below and indicated with an(A)in the Annual Report and Responsibility Report,has not been pr
295、epared,in all material respects,in accordance with the Applicable Criteria(the Basis of Reporting)defined by the directors as set out in https:/ limited Assurance Report to the Directors of Derwent London plcScope of our workDerwent London plc has engaged us to perform an independent limited assuran
296、ce engagement in accordance with International Standard on Assurance Engagements 3000(Revised)Assurance Engagements Other than Audits or Reviews of Historical Financial Information (“ISAE 3000(Revised)and the International Standard on Assurance Engagements 3410 Assurance Engagements on Greenhouse Ga
297、s Emissions(“ISAE 3410”),issued by the International Auditing and Assurance Standards Board(“IAASB”)and our agreed terms of engagement.The Selected Information in scope of our engagement for the year ended 31 December 2024,as indicated with an(A)in the Annual Report and Responsibility Report,is as f
298、ollows:Environmental MetricsSelected InformationReported ValueUnitBasis of ReportingCarbon/Greenhouse Gas(“GHG”)emissionsScope 1 emissions2,736tonnes CO2eGreenhouse Gas Protocol:A Corporate Accounting and Reporting Standard,Revised Edition(2004).Plus,the applicable methodology as published by the Co
299、mpany(commonly referred to as a basis of reporting).Scope 2 emissions Location-based2,705tonnes CO2eScope 2 emissions Market-based19tonnes CO2eScope 3 emissions26,052tonnes CO2eEnergy ElectricityElectricity use across managed portfolio38,863,483kWhElectricity use per square meter across managed port
300、folio104.74kWh/m2Electricity from landlord13,150,182kWhElectricity from tenant25,713,301kWhElectricity use across like-for-like portfolio38,833,714kWhEnergy GasGas use across managed portfolio12,981,252kWhGas use per square meter across managed portfolio38.49kWh/m2Gas use across like-for-like portfo
301、lio12,981,252kWhEnergy OtherTotal energy landlord26,131,434kWhWhole building energy landlord&tenant51,844,735kWhManaged portfolio energy per square meter energy intensity136.89kWh/m2Independent limited Assurance Report by Deloitte LLP to the Directors of Derwent London plc on selected Environmental
302、and Health and Safety metrics(the“Selected Information”)within the Annual Report and Responsibility Report for the reporting year ended 31 December 2024.37Responsibility Report 2024Derwent London plcData and downloadsSelected InformationReported ValueUnitBasis of ReportingWaterWater use across manag
303、ed portfolio192,899m3Greenhouse Gas Protocol:A Corporate Accounting and Reporting Standard,Revised Edition(2004).Plus,the applicable methodology as published by the Company(commonly referred to as a basis of reporting).Water use per square meter across managed portfolio0.47m3/m2Water use across like
304、-for-like portfolio192,676m3WasteWaste to landfill across managed portfolio0tonnesRecycling rate across managed portfolio69.34%Waste to landfill across like-for-like portfolio0tonnesEmission reduction targetsProgress against target of reducing absolute Scope 1 and Scope 2 GHG emissions 42%by 2030 fr
305、om a 2022 base year-0.17%Embodied Carbon and offsetsScope 3 embodied carbon emissions for construction projects and offset amount19,136tonnes CO2eHealth&SafetySelected InformationReported ValueUnitBasis of ReportingManaged PortfolioInjury Rate23.43No./million hoursThe applicable methodology as publi
306、shed by the Company(commonly referred to as a basis of reporting).Severity Rate0.18Days/IncidentLost day rate5.09No./million hoursRIDDORs3No.RIDDORs(Direct only)2No.Dangerous occurrences0No.Minor injuries23No.Lost time injuries2No.Near misses29No.HSE improvement notices0No.HSE prohibition notices0No
307、.Person hours worked981,639hoursFatalities0No.RIDDORs AFR3.06No./million hoursRIDDORs AFR(Direct only)2.04No./million hoursEnvironment continuedENVIRONMENTAL AND HEALTH&SAFETY ASSURANCE STATEMENT continued38Responsibility Report 2024Derwent London plcData and downloadsSelected InformationReported Va
308、lueUnitBasis of ReportingConstruction PortfolioInjury rate10.49No./million hoursThe applicable methodology as published by the Company(commonly referred to as a basis of reporting).Severity rate0.40Days/IncidentLost day rate5.83No./million hoursRIDDORs3No.RIDDORs(Direct only)2No.Dangerous occurrence
309、s0No.Minor injuries18No.Lost time injuries4No.Near misses40No.HSE improvement notices0No.HSE prohibition notices0No.Person hours worked1,716,207hoursFatalities0No.RIDDORs AFR1.75No./million hoursRIDDORs AFR(Direct only)1.17No./million hoursEmployee PortfolioRIDDORs0No.RIDDORs(Direct only)0No.Dangero
310、us occurrences0No.Minor injuries2No.Near misses1No.HSE improvement notices0No.HSE prohibition notices0No.Person hours worked259,822hoursFatalities0No.RIDDORs AFR0.00No./million hoursRIDDORs AFR(Direct only)0.00No./million hoursThe Selected Information,as listed in the above table,needs to be read an
311、d understood together with the Applicable Criteria set out in the Responsibility Report on pages 25 to 28 and hyper-linked in the Annual Report on pages 52 to 53.Health&Safety continuedENVIRONMENTAL AND HEALTH&SAFETY ASSURANCE STATEMENT continued39Responsibility Report 2024Derwent London plcData and
312、 downloadsENVIRONMENTAL AND HEALTH&SAFETY ASSURANCE STATEMENT continuedOur responsibilitiesWe are responsible for:Planning and performing procedures to obtain sufficient appropriate evidence in order to express an independent limited assurance conclusion on the Selected Information.Communicating mat
313、ters that may be relevant to the Selected Information to the appropriate party including identified or suspected non-compliance with laws and regulations,fraud or suspected fraud,and bias in the preparation of the Selected Information.Reporting our conclusion in the form of an independent limited As
314、surance Report to the Directors.Our independence and competenceIn conducting our engagement,we complied with the independence and other ethical requirements of the ICAEW Code of Ethics.The ICAEW Code is founded on fundamental principles of integrity,objectivity,professional competence and due care,c
315、onfidentiality and professional behaviour.We applied the International Standard on Quality Management 1(“ISQM(UK)1”)issued by the International Auditing and Assurance Standards Board.Accordingly,we maintained a comprehensive system of quality management including documented policies and procedures r
316、egarding compliance with ethical requirements,professional standards and applicable legal and regulatory requirements.Key procedures performedWe are required to plan and perform our work to address the areas where we have identified that a material misstatement in respect of the Selected Information
317、 is likely to arise.The procedures we performed were based on our professional judgment.In carrying out our limited assurance engagement in respect of the Selected Information,we performed the following procedures:Performed an assessment of the Basis of Reporting selected by you to determine whether
318、 they were suitable for the engagement circumstances.Performed analytical review procedures to understand the underlying subject matter and identify areas where a material misstatement of the Selected Information was likely to arise.Through inquiries of management,obtained an understanding of the Co
319、mpany,its environment,processes and information systems relevant to the preparation of the Selected Information sufficient to identify and further assess risks of material misstatement in the Selected Information,and provide a basis for designing and performing procedures to respond to assessed risk
320、s and to obtain limited assurance to support a conclusion.Through inquiries of management,obtained an understanding of internal controls relevant to the Selected Information,the quantification process and data used in preparing the Selected Information,the methodology for gathering qualitative infor
321、mation,and the process for preparing and reporting the Selected Information.We did not evaluate the design of particular internal control activities,obtain evidence about their implementation or test their operating effectiveness.Through inquiries of management,documented whether an external expert
322、had been used in the preparation of the Selected Information,then evaluated the competence,capabilities and objectivity of that expert in the context of the work performed and also the appropriateness of that work as evidence.Inspected documents relating to the Selected Information,including board c
323、ommittee minutes and where applicable internal audit outputs to understand the level of management awareness and oversight of the Selected Information.Performed procedures over the Selected Information,including recalculation of relevant formulae used in manual calculations and assessment whether th
324、e data had been appropriately consolidated.Performed procedures over underlying data on a statistical sample basis to assess whether the data had been collected and reported in accordance with the Basis of Reporting,including verifying to source documentation.Performed procedures over the Selected I
325、nformation including assessing managements assumptions and estimates.Accumulated misstatements and control deficiencies identified,assessing whether material.Read the narrative accompanying the Selected Information with regard to the Basis of Reporting,and for consistency with our findings.The proce
326、dures performed in a limited assurance engagement vary in nature and timing from,and are less in extent than for,a reasonable assurance engagement.Inherent limitations of the Selected InformationWe obtained limited assurance over the preparation of the Selected Information in accordance with the App
327、licable Criteria.Inherent limitations exist in all assurance engagements.Any internal control structure,no matter how effective,cannot eliminate the possibility that fraud,errors or irregularities may occur and remain undetected and because we use selective testing in our engagement,we cannot guaran
328、tee that errors or irregularities,if present,will be detected.The self-defined Applicable Criteria,the nature of the Selected Information,and absence of consistent external standards allow for different,but acceptable,measurement methodologies to be adopted which may result in variances between enti
329、ties.The adopted measurement methodologies may also impact comparability of the Selected Information reported by different organisations and from year to year within an organisation as methodologies develop.We draw your attention to the specific limitations,due to the nature of the Selected Metrics,
330、set out in the“Key procedures performed”section below.Directors responsibilitiesThe Directors are responsible for preparing an Annual Report which complies with the requirements of the Companies Act 2006 and for being satisfied that the Annual Report,taken as a whole,is fair,balanced and understanda
331、ble.The Directors are also responsible for:Selecting and establishing the Applicable Criteria.Preparing,measuring,presenting and reporting the Selected Information in accordance with the Applicable Criteria.Publishing the Applicable Criteria publicly in advance of,or at the same time as,the publicat
332、ion of the Selected Information.Designing,implementing,and maintaining internal processes and controls over information relevant to the preparation of the Selected Information to ensure that they are free from material misstatement,including whether due to fraud or error.Providing sufficient access
333、and making available all necessary records,correspondence,information and explanations to allow the successful completion of our limited assurance engagement.40Responsibility Report 2024Derwent London plcData and downloadsENVIRONMENTAL AND HEALTH&SAFETY ASSURANCE STATEMENT continuedConsequently,the level of assurance obtained in a limited assurance engagement is substantially lower than the assura
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