Slate Asset Management L.P. and certain of its affiliates
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:58,661 tCO2e (Scope 1 & 2)
Scope 1 Emissions:13,840 tCO2e
Scope 2 Emissions:31,793 tCO2e
Scope 3 Emissions:36,511 tCO2e
Renewable Energy Share:0.06%
Total Energy Consumption:337,621,133 kWh
Water Consumption:2,435,897 m3
Waste Generated:7,107 tonnes
ESG Focus Areas
- Climate Change
- Decarbonization
- Resource Efficiency
- Tenant Engagement
- Diversity & Inclusion
- Employee Well-being
- Community Engagement
- Governance
- Risk Management
- Data Security
- Compliance
Environmental Achievements
- Initiated a comprehensive ESG Materiality Assessment
- Developed and finalized decarbonization pathways for two funds
- Developed decarbonization plan for industrial properties in Calgary
- Initiated development of the Steelport ESG Framework
- Completed ESG onboarding for 153 properties acquired in 2023
- Installed or approved installation of EV charging stations and rooftop solar across 83 properties
- Achieved a 6.4% reduction in energy bill for 185 West Metro property through LED retrofit
- Achieved BOMA BEST Gold Certification for Stephen Avenue Place in Calgary
- Successfully captured energy and carbon data for 423 properties
- Implemented Fitwel Viral Response Approval across 15 buildings in Calgary
Social Achievements
- Launched Slated to Discuss podcast focused on ESG
- Established Property Manager ESG Steering Committee for Canadian real estate assets
- Developed Slate Climate Risk Scorecard
- Expanded ESG team
- Hosted 79 community outreach events across 27 properties
- Organized eight EmpoWRE events for women in real estate
- Volunteered almost 220 hours in communities through Slate Service Team initiative
- Continued to support 13 employees in earning their CPA designations
- Conducted third annual Slate People Survey with >95% participation
- Increased average Net Promoter Score by +8.8 points
- Hosted Analyst Training Camp for second consecutive year
- Formalized Internship Program
- Continued Global Analyst Rotation Program with 10 new analysts
Climate Goals & Targets
Long-term Goals:
- Net-zero emissions by 2050 (aligned with Canadian Net-Zero Emissions Accountability Act)
Medium-term Goals:
- Achieve net-zero pathway for one Canadian private fund by 2030
- Roll out sustainability management plans globally
- Develop a comprehensive framework for infrastructure investing in 2024
Short-term Goals:
- Develop a framework to define and categorize environmental characteristics of loans by end of 2024
Environmental Challenges
- ESG data capture remains a challenge, particularly for properties under triple net leases
- Inconsistent data sharing from tenants under triple net leases
- Changes in property management teams requiring upskilling
- Access to data is a roadblock in some regions
- Rising interest rates, falling valuations, and a slowdown in global transaction volume
- Evolving and increasingly complex ESG mandates
- Implementing a metering and billing methodology for locally produced green energy in Germany
Mitigation Strategies
- Actively engaging with tenants and property managers
- Rolling out green leases to new tenants and for lease renewals
- Improving collaboration and sharing of ESG insights with tenants and partners
- Enhancing ESG strategy to align with investment philosophy principles
- Expanding ESG team
- Bolstering ESG reporting pathways and processes
- Developing bespoke climate strategies
- Implementing climate risk monitoring tools
- Developing a comprehensive ESG Framework for Steelport
- Developing a framework to help classify environmental characteristics of loans
Supply Chain Management
Responsible Procurement
- Prioritizing local hiring and supply chains
Climate-Related Risks & Opportunities
Physical Risks
- Flooding
- Drought
- Fire
- Wind & Storm
Transition Risks
- Regulatory changes
- Market shifts
- Technological advancements
- Reputational factors
Opportunities
- Development of energy-efficient products
- Investment in sustainable infrastructure
- Green loans and sustainability-linked loans
Reporting Standards
Frameworks Used: GRI 2021 Universal Standards
UN Sustainable Development Goals
- UN SDG Goal 7 (Affordable and Clean Energy)
- UN SDG Goal 9 (Industry, Innovation and Infrastructure)
- UN SDG Goal 11 (Sustainable Cities and Communities)
- UN SDG Goal 13 (Climate Action)
Investments in renewable energy, sustainable infrastructure, and decarbonization initiatives contribute to these goals.
Awards & Recognition
- 2023 PERE Global Award for ‘Deal of the Year: Europe’