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Science Based Targets

Our scientific climate targets were approved by SBTi in 2023, which is an important milestone for us. The targets set the direction for our continued sustainability work and ensure our focus on the areas that cause Pandox's largest CO2 emissions

In 2023 Pandox had its science-based climate targets approved by the Science Based Targets initiative (SBTi). SBTi has assessed Pandox's target ambition for Scope 1 and 2 to be in line with a 1.5-degree trajectory and the Paris Agreement.

The targets mean that by 2030 the company will reduce greenhouse gas emissions from its own operations (Scope 1 and 2) by 42 per cent. The largest emissions include fuel used (Scope 1) and energy purchased (Scope 2), with a 25% reduction in emissions from leases (Scope 3). The largest
emissions come from tenants' total energy use and building materials during renovations. The base year is 2022.

The process has been carried out in collaboration with IVL, the Swedish Environmental Research Institute, which has involved data validation, continuous work to improve the data basis, training and support during the process. The targets are strategically important, ambitious and relevant and ensure that Pandox focuses on and prioritises the areas where the company has the greatest climate impact.

Roadmap for reduced climate emissions
Scope 1 and 2 emissions
For the business segment Own operations (Scope 1 and 2), the Board of Directors approved during the year a climate change adaptation programme of approximately EUR 29 million for eight properties. The programme includes the phasing out of gas and oil, energy efficiency and an increased share of renewable energy. Behavioural changes are also important to achieve the targets.

When the project is completed in 2027, Pandox is expected to be well placed to meet the science-based emission targets for Scope 1 and 2 and generate annual savings of approximately EUR 3 million.

Scope 3 emissions
The measures for the Leases business segment (Scope 3) also include phasing out oil and gas
and gas, energy efficiency and an increased share of renewable energy. It also includes
reduced CO2 emissions during renovation and remodelling through, for example, sustainable material choices and reduced waste. The target is not set per category but in total to allow flexibility regarding identified opportunities.

Energy surveys and analyses were initiated in 2023, which will result in an action plan in 2024. A project has also been initiated to renovate bathrooms - one of the most common renovations carried out by Pandox. During 2023-2026, around 600 bathrooms will be renovated for Scandic. The aim of the project is to find guiding principles that take the climate aspect into account in bathroom renovations where upgrades instead of tearing out functionally
functional bathrooms should be the practice. The aim is to reduce emissions and contribute to reaching the Scope 3 science target without compromising on guest comfort, design appeal and operating costs. Work will continue in 2024.