A substantial percentage of the emissions generated by the built environment is attributable to functions related to the use of the building. The energy consumption occurring when buildings are being used constitutes approximately 75 per cent of the annual carbon footprint of the built environment in all of Finland. The vast majority of the greenhouse gas emissions (GHG) emanating from the built environment is caused by heating. Indeed, choosing environmentally-friendly energy is one of the most effective ways of reducing climate emissions.
Active energy consumption monitoring since 2001
In relation to Veritas’ properties, the active energy consumption monitoring was commenced already in 2001. The monitoring has allowed us to obtain more detailed information concerning the actual energy consumption of different real estate categories. Based on such information, we have been able to leverage automation so as to optimise the energy consumption of our properties and to direct also energy investments where they are truly needed.
Veritas has succeeded in achieving a remarkable reduction in the carbon dioxide emissions from its properties in the last few years. Emissions have been reduced, inter alia, by means of updating all of the electric energy consumed in the properties to renewable energy through constructing solar power stations in the existing properties and by exploiting geothermal heating in new construction projects. In 2020, the carbon dioxide emissions from Veritas’ properties amounted to 2070.0 tCO2. During 2021, emissions were reduced by 73 per cent and the carbon dioxide emissions from the properties amounted to 558.9 tCO2.
In the last year, the heating energy of nearly all of the properties owned by Veritas was replaced with alternatives produced through renewable energy sources. Also the last remaining properties will transition to the use of renewable district heat as soon as the energy companies begin to sell same. Veritas has set the target of the energy consumed by properties being completely emissions-free by the year 2025.
Emissions reductions in properties and other key indicators
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The emission calculations were conducted by a third-party service provider. The emission calculations encompass the Scope 1 and Scope 2 emissions, i.e., heating, electricity, water and fuels, as well as selected Scope 3 sources, including waste, commuting and business travel.
Working towards carbon-neutral properties by 2030
We continue to exert active efforts to reduce the carbon footprint of our real estate investments also in other respects. Our objective is to achieve full carbon-neutrality for all of the properties we own by the year 2030. In 2020, Veritas acceded to the Energy Efficiency Agreement for the Property Sector and committed to the relevant Action Plan for both commercial properties and rental housing properties. The design guidelines for construction projects are updated annually, to allow us to achieve the targets we have set for 2030 in the sphere of environmental responsibility, energy-efficiency and carbon-neutrality. During 2022, we are aiming to pay particular attention to reducing construction-period emissions.
For the assessment of the environmental efficiency of the existing properties, Veritas applies the BREEAM In-Use roadmap, based on which an annual energy assessment is conducted of four properties and BREEAM environmental certification is applied for in relation to same. BREEAM (Building Research Establishment Environmental Assessment Method) certification is a leading European environmental classification system for both new construction projects and renovated existing buildings. In 2021, four of Veritas’ properties received certification based on the assessment, as previously planned. In 2022, the certification of the next four properties is contemplated, but as a novelty among Veritas’ certifications, this will include the first two housing company BREEAM certifications.
In the fall of 2021, Veritas’ headquarters were awarded an ”Excellent”-level BREEAM environmental certification. All of the technical solutions of the building take energy efficiency and environmental-friendliness into account. The property features, inter alia, 18 geothermal heating wells and solar panels. In 2021, we completed a comprehensive energy recycling project, carried out at a large real estate company located in Turku, Kiinteistö Oy Maamiesten house of commerce. As a result of this project, the overall emissions caused by Veritas’ properties will be further reduced.
In 2022, we will be launching our next major energy efficiency project in Helsinki, in a cluster of three office buildings, Kiinteistö Oy Aku Korhosentie 2, 4 and 6.