In 2022, we worked to develop our transition plan and a strategy to support us on our journey to net zero for Scope 1 and 2 0by 2035 and Scope 3 by 2045. We analysed and improved the data for Scopes 1, 2 and 3 in accordance with the Greenhouse Gas (“GHG”) Protocol; more details can be found on page 65. Our interim targets detailed above outline the necessary steps we plan to take to meet our long-term targets.

While at a minimum we aim to reduce our Scope 1 and 2 emissions by 25% by 2024, our ambition is to reduce these emissions as far as possible before becoming carbon neutral by 2025. From 2025, we will purchase offsets annually to be carbon neutral until we reach our Scope 1 and 2 net zero target in 2035. In the SECR report on page 67, we have set out our energy efficiency measures for the next five years to begin decarbonising our Scope 1 and 2 emissions.

Videndum committed to having near-term and long-term net zero emission reduction targets validated by the Science Based Targets Initiative (“SBTi”) in 2022, demonstrating our commitment to the UK’s Nationally Determined Contribution (“NDC”) under the Paris Agreement 2015 to limit global warming to 1.5°C. We are currently in the process of reviewing our targets to align with the latest SBTi criteria. We have rebaselined our proposed Scope 1, 2 and 3 SBTi targets on 2021 data. We plan to submit them for review in 2023 for validation by the SBTi.