Our expanding net zero portfolio of works showcases our expertise in guiding lenders, investors, property owners, occupiers and service providers on their transition to net zero. From crafting corporate net zero strategies to conducting asset-level audits, developing Scope 3 strategies and providing detailed offsetting guidance, we deliver comprehensive, impactful solutions.
Carbon baseline (financed emissions) and net zero pathway for Gatehouse Bank portfolio
Greengage was commissioned to establish a carbon baseline, set Science Based Targets initiative (SBTi)-aligned targets and develop a net zero pathway for Gatehouse Bank’s home finance and build-to-rent portfolios. These were developed in line with the requirements of the Partnership for Carbon Accounting Financials (PCAF) and Science Based Targets initiative target setting guidance for financial institutions.
A significant challenge in calculating the carbon baseline was the limited access to operational energy data. Like many financial institutions. To address these limitations, a novel approach was adopted, combining adjusted Standard Assessment Procedure (SAP) calculations, dynamic simulation modelling and the PCAF European Building Emissions Factor Database. This innovative strategy enabled the development of a robust and verifiable carbon baseline for the bank.
To support the Bank’s ambition to transition to net zero by 2050, Greengage conducted scenario testing to assess the impact of anticipated regulatory changes and key industry policy recommendations for the UK’s transition to net zero. This analysis enabled a comprehensive net zero gap assessment of the Bank’s projected emissions trajectory. This included incorporating recommendations from the UK Net Zero Carbon Buildings Standard and the UK Climate Change Committee, ensuring alignment with the necessary requirements for achieving a net zero transition.
Following the findings of the scenario analysis, Greengage is currently supporting Gatehouse Bank to develop financial products and services that will help enable their net zero transition by 2050.
Supporting abrdn’s UK funds in the net zero transition
Greengage is supporting abrdn on two of their UK real estate funds in their transition to net zero, evaluating performance against their net zero targets. Our work included:
- Establishing the funds’ carbon footprints: this involved verifying occupier data and addressing data gaps using an agreed estimation methodology.
- Performance analysis: comparing the latest year’s performance with the baseline and previous years to assess progress.
- Asset-level net zero gap analysis: identifying gaps between current performance and net zero goals.
- Asset-level transition risk assessment: evaluating the stranding risk associated with the net zero transition.
- Future performance assessment: assessing asset-level performance against abrdn’s 2040 targets.
- UK Net Zero Carbon Buildings Standard review: comparing asset level performance against the Standard’s operational energy limits to determine the gap to achieve net zero.
- Materiality analysis: collating individual asset-level assessments to identify high-priority assets for decarbonisation efforts.
Further achievements of our clients
We are proud to announce that our clients, Cast Consultancy and Lifschutz Davidson Sandilands, have had their net zero targets successfully validated by the Science Based Targets initiative this year. Our collaboration, over the last three years, has focused on decarbonising their emissions and providing practical insights into achievable sustainability goals. We continue to support them in developing and implementing carbon reduction plans, monitoring progress and crafting innovative solutions to tackle Scope 3 supply chain emissions, driving impactful progress on their sustainability journey.
