What are Covivio’s targets in terms of low-carbon real estate?
Jean-Eric Fournier: Our targets are bold. In early 2018, Covivio published an initial carbon emission reduction trajectory compatible with the 2015 Paris agreement 2°C scenario. At the end of 2021, due to the progress already achieved, we raised our target to a 40% reduction in carbon emissions by 2030 versus 2010 across the whole of our European asset portfolio. These targets, which have been approved by the Science-Based Target initiative (SBTi ), ensure that the Group is compatible with a +1.5°C scenario for scopes 1 and 2 and a “well-below +2°C” scenario (between 1.5° and 2°C) for scope 3. At Covivio, scope 3 includes the construction, renovation and use of private spaces in office buildings, residential properties and hotels.
What are Covivio’s levers for reducing its carbon footprint?
Jean-Eric Fournier: There are many resources available to us and our commitment to this cause is long-standing. In 2009, we performed an energy and environmental mapping of our portfolio on the basis of around 20 indicators, including one related to greenhouse gas emissions. This initial inventory has allowed us to track progress and capitalise on feedback over time. Likewise, since 2010 we have carried out Life Cycle Analyses of buildings undergoing development or renovation. LCAs measure a building’s environmental impact, taking into account its construction and the first fifty years of operation. This method has just been rolled out across the board following the entry into force of RE 2020 regulations to supersede RT 2012. Our goal is to obtain BBCA low-carbon building certification or equivalent for 75% of our new office developments in France and 50% of our operations in Germany and Italy. To achieve these targets, Covivio is prioritising the refurbishment of existing buildings with the aim of “zero net land take” while promoting the circular economy, preferring sustainable materials and optimising energy consumption management. To identify the most virtuous solutions, among other things we have joined the Sekoya platform, a “low-carbon industrial club” comprising multinationals, SMEs and start-ups offering low-carbon technical solutions. We are also a stakeholder in the low-carbon specifier hub, an initiative run by the French Institute for Environmental Performance in Construction (Institut Français pour la Performance Environnementale du Bâtiment or IFPEB).
What prompted Covivio to publish a climate report?
Jean-Eric Fournier: Covivio publishes an Annual Report on Sustainable Performance every year, and it seemed useful to add a more concise document on this topic for which we receive a lot of questions, particularly from analysts and investors. We drew it up in accordance with the recommendations of climate experts from the Task Force on Climate-related Financial Disclosures (TCFD). This publication allows us to meet or anticipate the expectations of a number of our stakeholders.
SBTi: UNGC, WWF, CDP, WRI partnership – https://sciencebasedtargets.org/
Scope 1: greenhouse gas emissions directly related to product manufacture
Scope 2: indirect emissions related to energy consumption
Scope 3: other indirect emissions