GlobalData offers a comprehensive analysis of Hudson Pacific Properties, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Hudson Pacific Properties‘s ESG performance. GlobalData’s company profile on Hudson Pacific Properties offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Hudson Pacific Properties, a real estate investment trust, has set net-zero targets to reduce its greenhouse gas (GHG) emissions. The company aims to achieve its net-zero targets by 2030. Hudson Pacific Properties has specific goals related to scope 1, scope 2, and scope 3 emissions. Scope 1 emissions represent direct energy emissions resulting from natural gas, diesel, and refrigerants use at properties, as well as fleet-related diesel, gasoline, and propane used by the company in its operations. Scope 2 emissions, calculated using the location-based method, represent indirect emissions resulting from purchased electricity use. The company claims the benefits of specified purchases and delivery of renewable energy through utility-specific Renewable Portfolio Standard percentages.
In terms of carbon emissions trends, Hudson Pacific Properties reported 13,737 metric tons of carbon dioxide equivalent (mtCO2e) for scope 1 GHG emissions in 2022. For scope 2 emissions, the company reported 42,677 mtCO2e using the location-based method, while the market-based method showed zero emissions. Also, Hudson Pacific Properties reported 300,820 mtCO2e of emissions under scope 3. The company's total energy consumption within the organization was 827,407,857 kBtu.
To achieve its net-zero targets, Hudson Pacific Properties has taken steps to reduce emissions. The company has purchased and retired Renewable Energy Credits (RECs) to offset its remaining electricity consumption from non-renewable sources. It has also calculated fleet emissions by applying emission factors per the Environmental Protection Agency (EPA) to estimated fuel consumed. Refrigerant emissions are calculated using survey data obtained from chief engineers at the company's properties, while natural gas emissions are calculated using factors from the EPA's Mandatory Reporting of Greenhouse Gases. The company has set ambitious targets to significantly reduce its greenhouse gas (GHG) emissions. They aim to achieve a 50% reduction in absolute Scope 1 and 2 GHG emissions across all operations by 2030, measured against a 2018 baseline. Remarkably, they've attained 100% carbon neutrality in all operations since 2020, maintaining this status consistently for Scope 1 and 2 GHG emissions. Moreover, the company is committed to slashing absolute Scope 3 GHG emissions from production vehicles and other transportation assets by 50% by 2030, based on a 2022 baseline.
Hudson Pacific Properties defines its "Operational" GHG Emissions as the summation of its scope 1 and scope 2 (market-based method) emissions. The company calculates its Adjusted "Net Zero Operations" GHG Emissions by subtracting the carbon credits purchased during the reporting period. All carbon credits are retired on a public registry. The company's carbon credits are validated under the Verified Carbon Standard.
In conclusion, Hudson Pacific Properties has set net-zero targets to reduce its GHG emissions and has specific goals for scope 1, scope 2, and scope 3 emissions. The company has taken steps such as purchasing renewable energy credits and calculating emissions from various sources to achieve its emission reduction goals.