Veritas is a responsible real estate investor. Our goal is to ensure that all real properties we own are carbon neutral by 2030.
All energy consumed by Veritas properties (heat and electricity) has been completely emission-free since 2022.
Emissions
Veritas is already close to its goal of carbon neutrality for its real properties, so reducing its carbon dioxide emissions any further is significantly more challenging than it has been previously. Since renewable energy is used in our properties, the most significant sources of emissions are created by waste and refrigerants. In 2024, the carbon dioxide emissions for Veritas’ properties totalled 418 tCO2. Compared to the previous year, this signified an increase of 27 per cent. This was largely due to refrigerant charges carried out during 2024. Refrigerant charges are not carried out every year, so they only increase emissions during specific years. Compared to 2020, our emissions have decreased by 80 per cent.
Veritas invested in monitoring waste volumes and emissions in 2024 and created a monitoring site to collect the data of different operators in one place. This enables the company to better monitor volumes and emissions and to take more deliberate action in this regard. Our goal is for the benefits of this to be realised during 2025. In addition, our goal for the next few years is to reduce the emissions of refrigerants.
Key indicators in properties
| wdt_ID | New column | 2024 | New column |
|---|---|---|---|
| 16 | 2024 | 2023 | |
| 17 | Carbon dioxide emissions (tCO₂)* | ||
| 18 | All properties | 418 tCO₂e | 328** tCO₂e |
| 20 | Total real estate mass, ratio | 0,02 kgCO₂/m³ | 0,05 kgCO₂/m³ |
| 21 | Water consumption (m³) | ||
| 23 | All properties | 55 333 m³ | 53 265 m³ |
| 24 | Energy consumption | ||
| 25 | Electricity consumption | 12 103 mWh | 14 853 mWh |
| 26 | Heating | 16 092 mWh | 17 152 mWh |
| 27 | Share of renewables |
100 % | 100 % |
| 28 | Non-renewable share |
0 % | 0 % |
| 29 | Share of own production |
944 mWh | 127 mWh |
| 30 | Cooling | 90 mWh | 121 mWh |
| 31 | Waste*** | ||
| 32 | Recycling rate | 58 % | 57 % |
| 33 | Utilization rate | 100 % | 100 % |
*The emission calculations were conducted by a third-party service provider and include all properties that are directly owned by Veritas. The figures do not include partly-owned properties. For directly owned properties, the calculations encompass Scope 1 (produced energy and refrigerants), Scope 2 (purchased energy) and selected Scope 3 emissions (waste, sold energy and emissions from water).
** Adjusted to be comparable. Last year’s calculation incorrectly included emissions from waste at properties not owned by Veritas.
***The data covers the majority of the properties owned by Veritas. The coverage of the data depends on its availability, and this 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, circular economy and carbon-neutrality.
Sustainability criteria and energy efficiency
During 2024, the real estate market saw signs of making a gradual recovery as the drop in interest rates and more stable economic prospects began to support investment activity. Logistics and housing remained the most attractive sectors, although the housing market was shadowed by oversupply in some places. The office sector continued to struggle with high underutilisation rates and investor demand focused on prime sites, i.e. premises located in prestigious areas. The availability of funding improved during the year, but the costs remained high. ESG requirements and energy efficiency became increasingly important, thereby steering investor decisions and market developments.
We implemented a number of smaller energy projects during 2024. For example, we renewed the automated functions of four office buildings. These updates increase the efficiency of remote operations at these sites, thereby realising higher energy savings. In addition, social responsibility is improved when the conditions of real properties can be more efficiently managed.
Veritas aims to increase the number of its certified sites each year. The BREEAM (Building Research Establishment Environmental Assessment Method) certification utilised by Veritas is a leading European environmental classification system with separate systems for new construction projects and refurbished properties. In 2024, the update agenda included six different properties, each of which was completed during 2024.
In 2024, significant investments were again made to advance the remote operation of properties. Continuous monitoring of the functionality of property technology plays a key role in optimising both energy consumption and conditions.