Decarbonisation Plan

Date: 25 March 2024

Commitment to achieving Net Zero

Vercity Holdings Ltd is committed to achieving Net Zero emissions by 2040, with an interim target of carbon neutrality by 2025.

Baseline Emissions Footprint

Baseline emissions are a record of the greenhouse gases that have been produced in the past and were produced prior to the introduction of any strategies to reduce emissions. Baseline emissions are the reference point against which emissions reduction can be measured.

Baseline Year: 2018

Additional Details relating to the Baseline Emissions calculations.

Vercity commenced the collection and collation of road business mileage during 2017, and office energy data during 2018, with tCO2e statistics for rail and air travel being available from 2021 onwards. Commuting data (car, motorcycle, rail) was collected from a representative sample of employees during 2021/2022 and has been normalised for use as a fixed value year on year.

During lockdown (March 2020), Vercity moved its working style from office based to hybrid/home working and due to the success of this model, has adopted this approach on a permanent basis. To ensure that homeworking CO2eT is included within our year on year calculations, we have accurately estimated these values using known techniques and applied the results to data from 2018 onwards to reflect arrangements during the year in question (noting that most homes are heated with gas, which is a greater emitter than the electricity used within our office environments).

Figures for 2020 and 2021 represent an extremely atypical phase, during which staff were commuting significantly less and had greatly reduced the number of journeys made for business purposes. However, during 2022 these behaviours normalised, with a subsequent rise in emissions to reflect staff returning to travelling for business and a significant growth in the number of individuals employed within the business (i.e., 220 in 2018 vs 280 in 2022 affecting homeworking values). Therefore, although we have used 2018 as a baseline year, mid 2021 onwards is deemed to be more aligned with Vercity’s novel operating pattern.

Baseline Year Emissions: 2018

^{*17.57 attributable to homeworking, 154.78 attributable to business travel.}

Current Emissions Reporting

Reporting Year: 2023

Emissions reduction targets

In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets.

We project that carbon emissions will decrease over the next sixteen years to 0 tCO2e by 2040. This is a reduction of 100%. As an interim target we will achieve carbon neutrality by the end of 2025 through certified offsets of emissions.

Progress against these targets can be seen in the graph below:

Carbon Reduction Projects

Completed Carbon Reduction Initiatives

The following environmental management measures and projects have been completed since the 2018 baseline.

Introduction of a remote and hybrid working model for those business functions and activities that do not require an ‘on-site’ presence; thereby reducing energy consumption in office locations and emissions associated with business transport and commuting.

The carbon emission saving achieved by these schemes equate to 79.86 tCO2e, which is a 42.36%ge reduction against the 2018 baseline. These reduction measures are programmed to remain in effect for the duration the contract.

By the end of June 2023, Vercity will close its large Central London Head Office to achieve further energy and associated carbon emission savings, and looking to the future, will only enter into contract with any new landlord who is able to commit the provision of green energy for the duration of a tenancy.

Declaration and Sign Off

This Carbon Reduction Plan has been completed in accordance with PPN 06/21 and associated guidance and reporting standard for Carbon Reduction Plans.

Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard and uses the appropriate Government emission conversion factors for greenhouse gas company reporting.

Scope 1 and Scope 2 emissions have been reported in accordance with SECR requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for Carbon Reduction Plans and the Corporate Value Chain (Scope 3) Standard.

This Carbon Reduction Plan has been reviewed and signed off by the board of directors.