Veritas is a responsible real estate investor. Our goal is to ensure that all real properties we own are carbon neutral by 2030.
It has been Veritas’ goal for all the energy consumed by properties (heat and electricity) to be completely emission-free by 2025. This target was reached ahead of schedule in 2022, when the last of our properties switched to utilising renewable thermal energy.
In 2023, the carbon dioxide emissions from Veritas’ properties totalled 343 tCO2. During the year, emissions were reduced by 36 per cent.
Key indicators in properties
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* The emission calculations were conducted by a third-party service provider. The emission calculations include 33 properties, which are directly owned by Veritas. The calculations do not include partly-owned properties or properties rented by Veritas. For directly owned properties, the calculations encompass Scope 1 (produced energy and refrigerants), Scope 2 (bough energy) and selected Scope 3 emissions (waste, sold energy and emissions from water).
** The data covers part of the properties owned by Veritas. The comprehensiveness of the data depends on the availability of data, which varies between service providers.
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.
Taxonomy compliance and energy efficiency
The year 2023 did not deviate significantly from the situation of the previous year. Property values continued to drop and maintenance costs to rise. The rise in building costs also continued, although a slight decline was noted towards the end of the year. No major energy projects were carried out on our properties during 2023.
On the other hand, we realised many smaller energy projects, such as automation renewal at five of our office buildings. These projects will enable for better remote operation of the real estate systems, thereby facilitating energy savings.
The majority of Veritas’ properties are classified by environmental certification, either with a BREEAM or LEED certificate. 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 2023, four properties with BREEAM certification were completed by the end of the year, and two of them were limited liability housing companies.
During the year, we completed the AI survey of all properties fully owned by Veritas. The survey clarified which properties are already taxonomy compliant, which could be made so with minor measures and which properties require more significant changes. The survey was the first step towards reporting on taxonomy compliance, which will be required of us starting in 2026.
Further investments were made in the remote operation of real estate systems during 2023. At several of our sites, the results were considerable, thus enabling reductions in energy consumption. While control and adjustments have the potential to bring about significant savings in energy consumption, we must always proceed as required by the conditions, safety and health of the premises, and these matters determine what can be done in practice.
Emissions
Reducing the CO2 emissions of properties is significantly more challenging now that we are nearing carbon neutrality. Continuous efforts are being made to improve the recycling rate of waste. In 2023, we compensated for any types of waste we were not able to recycle. Through compensation, we have managed to significantly reduce waste emissions. Compensation is not an ideal solution, but it will probably have to be increased in the future in order for us to achieve our final goal.