Improving Scope 3 Reporting in Commercial Real Estate
As part of our Advancing Net Zero programme, UKGBC is aiming to improve industry knowledge and understanding of scope 3 emissions reporting. This event will see the launch of a new guidance document for companies who develop and/or own commercial real estate, and include roundtable discussions on how our industry can further advance the agenda on scope 3 reporting.
‘Scope 3 emissions’ refer to emissions across a company’s entire value chain that are outside of its direct control and, as a result, are often overlooked. For example, this can include emissions from the supply of construction materials, the embodied carbon of buildings purchased, and the operational energy use of tenants. These emissions can account for up to 87% of total carbon emissions for some real estate companies but a lack of understanding within the industry has led to limited reporting and missed opportunities for carbon reduction activities.
UKGBC’s guidance document has been developed to build industry consensus and promote a common approach to scope 3 reporting. It will support the Greenhouse Gas Protocol’s Corporate Value Chain (Scope 3) Accounting and Reporting Standard, providing a clear interpretation of the requirements for commercial real estate companies and enabling consistency in reporting across the industry.
The guidance will need to be supported by broader industry activities that are beyond the scope of UKGBC’s project. At the launch event, participants will be able to share their insights and discuss potential opportunities for achieving this. This includes, the business case for scope 3 reporting, co-benefits with other reporting mechanisms (e.g. for GRESB, TCFD), and knowledge sharing.
UKGBC is working with member companies Carbon Credentials, HS2 and TFT to produce the guidance and the project is being supported by BBP, BPF and RICS.
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