Future Initiatives Moving forward, our offices will focus on implementing future initiatives to further reduce emissions and improve energy efficiency: 1. Energy Efficiency Upgrades: Investments will be made in energy-efficient technologies and equipment to reduce overall energy consumption, particularly in areas such as lighting, HVAC systems, and insulation. 2. Renewable Energy Adoption: We will explore opportunities to integrate renewable energy sources such as solar panels or wind turbines into our office facilities to further reduce reliance on fossil fuels and lower emissions. 3. Employee Engagement Programs: Continued employee engagement programs will be developed to promote energy-saving behaviours and encourage staff participation in sustainability initiatives. 4. Data Monitoring and Analysis: Regular monitoring and analysis of energy consumption data will be conducted to identify additional opportunities for optimisation and improvement. 5. Partnerships and Collaborations: We will seek partnerships with external organisations and industry experts to exchange knowledge, share best practices, and collaborate on innovative solutions for emissions reduction and energy management. By implementing these future initiatives and strategies, we will achieve our goal of net-zero emissions by 2040 while ensuring sustainable operations across all our office locations.
For this reason, the Piraeus office requires a two-pronged approach: first, to reduce the baseline for lighting and electricity and second, to pay close attention to items impacting excessive use of air conditioning, such as empty rooms and open windows. Rotterdam Office Gas consumption in the Rotterdam office accounts for heating, leading to peaks during winter months. Awareness campaigns would be most productive during winter, as these months present the only opportunity to lower consumption of gas. The office’s KPI can be met through either a 2,025 kWh reduction in electricity, a 2,175 kWh reduction in gas, or a combination of the two. This will result in an annual reduction of 1.57 kgCO 2 /m 2 . Given the need for gas for heating during winter and the relative efficiency of electrical consumption, Rotterdam may be one of the first offices to reach an efficiency limit. Istanbul Office V’s Istanbul Office spans 412m 2 and produced a total of 11,237kg CO 2 e in 2023. This gives the office a reduction target of 1.6kgCO 2 /m 2 annually. As seen with other offices, electrical consumption during summer months is particularly high due to the use of Air Conditioning, and the colder winter months require a greater consumption of gas for heating the premise. Understanding comfortable working conditions are essential for our colleagues, V. will look to reduce the baseline consumptions for both electricity and gas through awareness campaigns in the initial year with it being accepted more technology forward solutions will be required in the future.
Our Progress
Scope 1 & 2 emissions
Glasgow Office In 2023, our Glasgow office consumed 35,672kg CO 2 e from electricity and 15,961kg CO 2 e from gas across an area of 2,028 m 2 . To achieve net-zero by 2040, we have established a yearly target reduction of 1.5 kg CO 2 e/ m 2 . This goal translates to an annual reduction of 15,700 kWh of electricity or 16,900 kWh of gas. To achieve reductions, we will implement awareness campaigns and display consumption data on office dashboards, helping to visualise progress and encourage energy-saving behaviours among staff. Piraeus Office Our Piraeus office and warehouse, covering an area of 3,123.56 m 2 , have an annual reduction target of 0.96 kg CO 2 /m 2 . This goal can be achieved through a reduction of 15,462 kWh of electricity consumption. Electrical consumption in the Piraeus office accounts for air conditioning, lighting, and electrical appliances. An analysis of this consumption shows a minimum monthly consumption of around 15,000 kWh attributed to basics like lighting and electrical appliances, with a heavy peak in the summer months due to air conditioning use.
For V. Group roughly 87% of our Scope 1 and 2 emissions are from purchased electricity for the office.
At the end of 2022, V. conducted a gap analysis on the reporting of all Scope 1, 2 and 3 emissions which highlighted issues in the reporting of office emissions. With an expansive network of global offices, it was concluded that the solution lay in developing a robust reporting system. To facilitate this, V. launched the ESG Champion Initiative. The first step of this initiative was for each global office to nominate an ESG Champion, with the first responsibility to report all office consumptions into a centralised reporting system. Devolving responsibilities locally has resulted in the garnering of data from 95% of global offices. With this structure now in place, V. will be running a pilot project which will set KPIs on Office Emissions in 10% of Global Offices in the second half of 2024. Within this pilot project, we will be equipping local ESG Champions with training and tools to help drive down energy consumptions and subsequent Scope 1 and 2 CO 2 emissions. The KPI’s will follow a reduction path that would see offices reach Net Zero emissions by 2040.
Q2 2024
Q3&4 2024
Q1 2025
Prepare KPI Pilot project for 3 offices during Second Half 2024
Create awareness campaign for offices, utilising real data to stimulate colleague interest
Roll out KPI to all global offices in Q1 2025, accounting for learnings from pilot project
Continue to improve Data quality with offices not included in Pilot
Create process to report other office metrics (Waste, Paper)
Integrate capture of waste into Office Data Collection
18 | Our Progress
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