During the latter part of the financial year ended March 2022, we commenced our programme to deliver a carbon emissions reduction plan which will lead to our net zero pathway. As a first step, we have looked at our carbon reduction opportunities within our Scope 1 and 2 emissions and are pleased to announce that we will achieve net-zero emissions for our Scope 1 and 2 emissions in Germany this year.
Where we can make no further reductions to our Scope 1 and Scope 2 emissions, the remaining unavoidable emissions will be offset through carefully selected offsetting projects. By far the largest share of our total emissions come from operating our assets and the energy used in our buildings by our tenants – our Scope 3 emissions.
For a number of years, we have had decarbonisation actions in place including our sourcing of renewable electricity and the smart-meter roll-out. During the current financial year, we will also reduce our emissions further by moving to a new Head Office in Berlin which is DGNB certified and will be powered by renewable electricity. However, as a landlord we recognise our responsibility is to ensure that our business parks can be operated as energy-efficiently as possible. We are currently developing a German portfolio-wide net-zero carbon strategy for all the different building types within our portfolio and are in the early stages of creating detailed assessment models of a representative sample of our buildings. Once these are complete and reviewed, we will then extrapolate the findings across the Sirius Facilities portfolio. Our aim is for this to be in line with the Science Based Targets Initiative (SBTI). Based on the outcome of this assessment, we will then be in a position to communicate our decarbonisation plans and net zero pathway in due course. A similar assessment model for Scope 1, 2 and 3 emissions will also be undertaken for the BizSpace portfolio.
We recognise the importance of a net zero pathway for a number of our stakeholders and the transition to net zero is a key element of our management plans. This is best represented through our implementation of the Task Force on Climate-related Financial Disclosures (“TCFD”) which we commenced last year.