The underlined values were subject to limited assurance.

(1) Scope 1 and Scope 2 as well as related Scope 3 gross emission reduction targets (-50% by 2030) have been confirmed by SBTi in 2023

(2) Scope 3 related to portfolio usage gross emission reduction targets (-55% by 2030) are confirmed by SBTi in 2023. Methodology for reporting Category 13 emissions changed in 2022 (base year 2020 to be adjusted)

(3) Scope 3 emissions related to Group development activities. Currently being analysed for relevant CO2 reduction potential/target

(4) Carbon emission reductions enabled in the broader economy through grid-injection of renewable energy (as opposed to energy consumption)

*Considerations for the evaluation of the scope 1 emissions:

Scope 1 is set up in accordance with the GHG protocol
Part of the Scope 1 emissions are fuels used for heating and is set up in accordance with the GHG protocol. For Italy,  Austria, Belgium, Denmark, Latvia, Portugal, Romania, Spain, Serbia and France the fuel use has been based on extrapolation. The extrapolations were made by making an average between The Netherlands’s and Luxembourg’s VGP office surface and natural gas consumption.
Part of the Scope 1 emissions are the emissions of company cars. To calculate the emissions from company cars the KM’s driven (estimates derived from lease contracts or employee statements) and the used Liters of fuel consumed were used. Extrapolations have been made to come to the fuel use of Romania and Spain. The extrapolation was made by multiplying an average of other sites that have evidence, and the number of employees of the respective site.
The 9% y-o-y increase is partly due to the 13% increase of the average amount of FTE’s compared to the 2021 period. Another driver for the increase in scope 1 emissions is the relocation or expansion of offices (as a result of the growing headcount number) in Austria,Hungary, Portugal, Latvia, Romania, Serbia, France (Lyon)  and the opening of offices in France(Paris) and Denmark.

** Considerations for the evaluation of the scope 2 emissions:

Scope 2 is set up in accordance with the GHG protocol
Part of the Scope 2 emissions is the energy consumption of offices. For the calculation of the total, extrapolations were made for the offices in Italy, Austria, Hungary, Latvia, Portugal (Lisbon),(Madrid, Sarragosse, Seville), Romania, Serbia, France and Denmark. The extrapolation was made based on surface area of the offices multiplied by an average that was calculated based on all the other offices that have evidence for their consumption.
Part of the Scope 2 emissions is the electricity used for electric vehicles – in 2022 VGP had EV’s in  Belgium, Germany, Latvia and the Netherlands. Please note that the EV consumption also contains the KWh consumption of freelancer that are employed by VGP.
For the calculation of the Austrian market based emissions a production mix was used instead of the residual mix (recommended by the GHG Protocol).

The 5% y-o-y increase in the location based scope 2 emissions is partly due to the 13% increase of the average amount of FTE’s compared to the 2021 period. Another driver for the increase in scope 2 emissions is the relocation or expansion of offices (as a result of the growing headcount number) in Austria,Hungary, Portugal, Latvia, Romania, Serbia, France (Lyon)  and the opening of offices in France(Paris) and Denmark.

The 94% decrease in market based scope 2 emissions is caused by the switch of all VGP offices to renewable energy through a PPA contract purchasing the guarantees of origin from our solar roof in VGP Park Roosendaal – in prior years the AIB emission factors were used to calculate the market based emissions.

The difference observed in market based and location based emissions scope 2 from 2020 to 2021 is related to a change in the methodology of calculation for emissions in 2021 (updated factors of emissions).

*** The CO₂ performance of the portfolio in use (Category 13: downstream leased assets) has been updated in 2021 from previously reported due to improved gross-up calculation (taking into account tenant industry segment)
The 31% YoY increase can be explained due to a ca. 41% growth of the m2 in the portfolio, combined with more extensive implementation of energy saving measures.
The total amount of buildings considered in the 2022 sample is 223. From this 223, 52 buildings used full or partial extrapolations for the Fuel use and 71 buildings used full or partial extrapolation for the Electricity use. The extrapolations are based on the averages per industy segment that have been determined out of the available data for the applicable year.  We have identified the following segments: Industrial: Distribution Warehouse, Industrial: Manufacturing,Retail: Retail Centers: Warehouse, Office: Corporate: Low-Rise Office, Other: Parking (Indoors).