Greenhouse Gas Emissions

The section below includes our mandatory reporting of greenhouse gas emissions. The reporting period is the same as the Group's financial year.

Organization Boundary and Scope of Emissions

We have reported on all of the emission sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013. These sources fall with the Group's consolidated financial statement.

An operational control approach has been used in order to define our organizational boundary. This is the basis for determining the Scope 1 and 2 emissions for which the Group is responsible.


For the Group's reporting, the Group has employed the services of a specialist adviser, Verco, to quantify and verify the Greenhouse Gas (GHG) emissions associated with the Group's operations.

The following methodology was applied by Verco in the preparation and presentation of this data:

  • the Greenhouse Gas Protocol published by the World Business Council for Sustainable Development and the World Resources Institute (the "WBCSD/WRI GHG Protocol");
  • application of appropriate emission factors to the Group's activities to calculate GHG emissions;
  • implementation of the new scope 2 reporting methods – application of location-based and market-based emission factors for electricity supplies;
  • inclusion of all the applicable Kyoto gases, expressed in carbon dioxide equivalents, or CO2e;
  • presentation of gross emissions as the Group does not purchase carbon credits (or equivalents).

Absolute Emissions

The total Scope 1 and 2 GHG emissions from the Group's operations in the year ended 31 December 2018 were:

  • 29.8 tonnes of CO2 equivalent (tCO2e) using a 'location-based' emission factor methodology for Scope 2 emissions;
  • 22.0 tonnes of CO2 equivalent (tCO2e) using a 'market-based' emission factor methodology for Scope 2 emissions.

Intensity Ratio

As well as reporting the absolute emissions, the Group's GHG emissions are reported below on the metrics of tonnes of CO2 equivalent per employee and tonnes of CO2 equivalent per square foot of the occupied areas. These are the most appropriate metrics given that the majority of emissions result from the operation of the Group's offices and the day-to-day activities of the employees.

Target and Baselines

Given the comparatively low GHG impact of the Group's operations, the Group's objective is to maintain or reduce its GHG emissions per employee and per square foot of office space each year and will report each year whether it has been successful in this regard.

Key Figures

Breakdown of emissions by scope

Breakdown of Emissions

Scope 1

Scope 2

GHG emissions20182017
Tonnes CO2etCO2e / emp.4tCO2e / sq. ft.5Tonnes CO2etCO2e / emp.4tCO2e / sq. ft.5
Scope 114.10.880.00214.10.880.002
Scope 215.70.980.00218.51.150.002
Scope 37.90.490.0017.00.440.001
Total GHG emissions (Location-based Scope 2)29.81.860.00332.62.040.004
Total GHG emissions (Market-based Scope 2)22.01.370.00321.21.320.003

1 Scope 1 being emissions from the Group's combustion of fuel and operation of facilities.

2 Scope 2 being electricity (from location-based calculations), heat, steam and cooling purchased for the Group's own use.

3 Scope 2 being electricity (from market-based calculations), heat, steam and cooling purchased for the Group's own use.

4 Employee numbers: 16.

5 Occupied office space: 8,239 sq.ft.

Understanding the Indirect Environmental Impacts of our Business Activities

The Group's day-to-day operational activities have a limited impact on the environment. We do, however, recognise that the more significant impact occurs indirectly, through the investment decisions we make and the operation of the companies we choose to invest in. The Group therefore considers it important to establish and invest in businesses that comply with existing applicable environmental, ethical and social legislation. It is also important that these businesses can demonstrate that an appropriate strategy is in place to meet future applicable legislative and regulatory requirements and that these businesses can operate to specific industry standards, striving for best practice.