Climate change

Key figures

8.9

kg CO₂e/m² (Scope 1 & 2)

Greenhouse gas intensity 2024

91.2

kWh/m²

Energy intensity 2024

2534

kWp

Installed photovoltaic capacity as of 2024

Goals

Reduction of operational CO₂ emissions (Scope 1 + 2) by 50% by 2035 compared to base year 2019
Net zero CO₂ emissions by 2050 (operational emissions, Scope 1, 2, 3)
100% of landlord-obtained electricity from renewable sources by 2025
Portfolio-wide implementation of green lease clauses
Reduction of embodied energy in new construction and renovation projects

Strategy

Renovation planning that takes climate change criteria into account: CO₂ reduction through heating replacement and energetic renovation, adaptation to climate change through measures such as cooling.
Internal guidelines and checklists are based on SNBS and SIA 112/1 and include aspects such as grey energy, recyclability when choosing materials, energy efficiency and indoor air quality.
Optimisation of operations as an ongoing task
Increase in own photovoltaic capacity

Risks and impacts of climate change

We assess the extent to which environmental influences and climate risks affect or could affect our buildings in the future. We see rising temperatures in summer as the biggest risk associated with the physical effects of climate change. Overall, however, the risks posed by climate change to our real estate portfolio are considered to be low to moderate. Adaptation to hotter summers is incorporated into the guidelines for new construction and modernisation. In the replacement Clime building in Basel, for example, innovative electrochromic windows have been used to reduce the energy required for cooling.

Since 2024, we have been reporting in accordance with the requirements of TCFD (Taskforce on Climate-Related Financial Disclosures). More detailed information on our assessment of physical risks and transition risks associated with various climate change scenarios and our risk management strategies can be found here:

Climate risks

CO₂ interim target and net zero target

By 2035, the CO₂ intensity of our portfolio is to be halved compared to 2019 and the share of Scope 1 emissions from fossil fuels is to be reduced to almost zero. The target for operational emissions (Scope 1, Scope 2 and Scope 3) is net zero by 2050.

The CO₂ reduction path, which was first communicated in 2020, is based on international and national targets and framework conditions, but also on the actual circumstances in the individual buildings. Details of the scenario on which the reduction path is based can be found in the 2020 Sustainability Report. The baseline year for the CO₂ reduction pathway and the interim targets is 2019.

In 2023, we compared our CO₂ reduction pathway with the 1.5°C decarbonisation pathway from CRREM. Based on this analysis, we are on track from today's perspective with our portfolio to make our contribution to the 1.5 °C target (‘1.5 °C target aligned’). Thanks to these targets and the corresponding measures, we also see ourselves as well prepared for possible transition risks such as higher CO₂ prices or stricter building regulations.

CO₂ reduction pathway with reference to CRREM

In order to achieve the CO₂ reduction targets, energy efficiency and CO₂ reduction are integral criteria in our renovation planning and operations. Our priorities are as follows:

Area	Measures / Targets
Reduce CO₂ intensity of energy consumption
Replace fossil fuel heating by heating with a lower CO₂ footprint: dependent (in part) on lifecycle	As a general rule, no fossil fuel heating systems will be incorporated into new buildings. When renewing heating/cooling systems, we shall where possible switch to heat pumps or district heating/cooling with a higher renewable element. We are actively enquiring into connection opportunities to existing and planned district heating and cooling networks
Sourcing of electricity	We aim to source 100% of electricity from renewable energy sources by 2025.
Improve energy efficiency
Energy renovation (insulation, replacing windows): dependent on lifecycle	For new buildings and conversions we shall assess the scope for optimizing energy efficiency, flexible usage and tenant wellbeing. Energy efficiency is optimised by improving the insulation of the façade, roof and basement, replacing windows and renewing the building services. As a general rule, we shall base our action on the Minergie standard, although will in many cases go further.
Measures not dependent on lifecycle (e.g. lighting)	Lighting units will be replaced by LED units where possible. By increasing tenant awareness we also aim to help reduce their electricity consumption in future.
Optimisation of operations	We regard the optimisation of operations as an ongoing task. In order to be able to better coordinate our efforts, we have further expanded our internal facility management expertise. We are also involving tenants more closely through green leases.
Own production of renewable energy
Increasing own photovoltaic capacity	We are always seeking to increase our own photovoltaic production within the ambit of the existing potential analysed. Implementation occurs in line with the renovation cycle and economic considerations.
Reduce embodied CO₂emissions
Focus on circularity	During the planning phase, a strong focus is placed on flexibility of use. During renovations, building materials are reused or recycled wherever possible.
Use low-carbonbuilding materials	For new buildings and renovations, the use building materials with low or lowered embodied CO₂ (e.g.low-carbon cement, wood) or construction with less material is being examined.

Embodied carbon

CO₂ emissions generated during the production of the building materials used in construction and during the construction process itself (Scope 3) are not included in our CO₂ reduction path. We have had the ‘embodied’ CO₂ emissions (‘embodied carbon’) of our last three replacement new builds (ATMOS and B2Binz in Zurich and Clime in Basel) calculated. Based on these analyses and further calculations for renovation projects, the various levers for reducing the embodied carbon emissions are now being discussed and systematically integrated into the specifications and planning, including for renovations.

Embodied carbon over the life cycle

Development of intensities

Since 2010, energy intensity has been reduced by 27 per cent and CO₂ intensity by 54 per cent.

Development of energy sources for heating

Since 2010, the share of oil as an energy source for heat generation has been reduced from 33% to 9.4%.

Installed PV capacity and PV production

Expansion of photovoltaic capacity to 2534 kWp with an annual production of 1731 MWh (corresponds to 6.7% of general electricity consumption).

Implementation in the portfolio

Theaterstrasse 12, “The 12”, Zürich

The property, in a prominent location near Bellevue, was completely renovated in 2023/24. Thanks to a new façade, including new windows and a new roof, heating requirements have been reduced by 60% and, thanks to the air-to-water heat pump, at least 95% of CO₂ emissions and thus 90 tonnes are saved annually. A photovoltaic system with an capacity of 30 kWp completes the good sustainability profile.

Place Saint François 15, Lausanne

The so-called Hôtel des Postes will be completely renovated and expanded in 2024/25. The measures include interior insulation of the walls and roof, window replacement, modernisation of the building services, installation of a PV system, as well as greening and unsealing measures. The required heating energy will be halved as a result, and thanks to the replacement of the oil heating with district heating, CO₂ emissions should be reduced by around 70%.

Bleicherweg 14, Zürich

The property was completely renovated in 2023, including insulation measures and replacement of the oil heating system with an air-to-water heat pump. This will reduce CO₂ emissions by approximately 12 tonnes per year, bringing them close to zero.

Grubenstrasse 6, Zürich (B2Binz)

Thanks to the use of low-carbon cement, 82 tonnes of CO₂ could be saved in the construction of the new B2Binz building in Zurich. Changing the material for the façade cladding from aluminium sheeting to steel sheeting also led to significantly lower emissions.

Waldeggstrasse 30, Liebefeld

The photovoltaic system on the roof of the property at Waldeggstrasse 30, with a capacity of 207 kWp, was installed in 2023.

Grosspeter Tower, Basel

The non-transparent parts of the façade of the Grosspeter Tower in Basel consist of a fully integrated photovoltaic system. A geothermal probe field with 52 individual probes provides the tower with heat.