Cadogan | Chelsea 2030
Methodology and Governance This GRI-compliant report, for the 2021 reporting period, follows UK Green Building Council and Better Buildings Partnership Climate Change Commitment frameworks for carbon reporting, specifically Scope 3. Calculation methodologies have remained the same as the baseline, with three exceptions. Firstly, we have used actual embodied carbon data in place of estimates based on cost, where this information is available. Secondly, we have included diesel (stationary fuels) in landlord energy and calculated this through an estimation of equipment run time. Thirdly, we have recalculated tenant emissions based on more robust Building Energy Efficiency Survey (BEES) benchmarks and included all commercial and assured shorthold tenancies. This has led to the restatement of 2019 and 2020 emissions data. The GRI Standard Disclosure References can be found on page 26. DEFRA 2021 emissions factors have been used. All environmental targets reflect the boundary of The Cadogan Estate, including all Estate-owned buildings and investments. Where Cadogan has operational control or purchases fuels, these emissions are reported as landlord, in Scopes 1 and 2. Tenant purchased utilities are reported in Scope 3. In 2021, two new properties were added and none were removed from the reporting scope. Energy consumption is reported as kWh and no normalisation technique is applied. Carbon emissions are reported as tonnes of carbon dioxide equivalent (tCO2e), and electricity emissions are reported on a location-based basis. For the first time we have obtained external limited assurance for our Scopes 1 and 2 carbon emissions – please see more details below. We also intend to obtain limited assurance for principal Scope 3 categories next year. Since the Board’s approval of our ten-year sustainability vision, “Chelsea 2030”, there has been increasing focus on the costs associated with not only meeting a tightening legislative landscape, but decarbonising to meet our net zero ambition, and responding to the physical impacts of climate change. Our Chief Executive has overall responsibility for climaterelated risks and opportunities. The Board is updated on our sustainability and climate-related performance at least once a year and has overall responsibility for oversight of risk, undertaking an annual assessment of the principal risks, which include climate-related risks. Key performance indicators of Chelsea 2030 are reported internally on a quarterly basis, updating the full Board every six months on progress. Ongoing oversight of climate-related issues is led by our Head of Sustainability with support from all departments. Our commitment to address climate change risks is embedded across the business with all teams owning climate-related targets.
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The Board recognises the regulatory drive towards Taskforce for Climate-Related Financial Disclosure (“TCFD”), and this report documents how Cadogan has incorporated TCFD recommendations where possible and continues to develop its reporting. TCFD P I L L A R
R E L E VA N T I N FO R M AT I O N ( I N A N N UA L R E P O RT)
G OV E R N A N CE
Our Community, page 60
ST R AT EGY
Property Portfolio, pages 14 to 15 Strategic Report, pages 38 and 60
RISK
Approach to Risk Management, pages 30 to 35
M E T R I C S & TA RGE T S
Our Community, pages 39 to 42
Over the past year, a climate risk study has been carried out, assessing Cadogan’s resilience in different climate scenarios. More information on the results from this assessment can be seen on pages 33 to 35 of the Annual Report.
Independent Assurance Statement to the Directors of Cadogan Group Limited Ernst & Young LLP have provided limited independent assurance over the published metrics, identified by †, in accordance with the International Standard on Assurance Engagements (ISAE3000). Ernst & Young’s full unqualified assurance statement can be found at EY Independent Assurance Statement.
