Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate-proofing our portfolio
• Net zero carbon
• Climate resilience
• Nature
• Creating meaningful impacts
• Human capital
• Community impact
• Sustainable sourcing
• Enhancing ESG practices
• ESG governance
• ESG risk management

Environmental Achievements

• Launched Green Financing Framework and completed inaugural issuance
• Delivered Canada’s first net zero carbon commercial high-rise office project (The Stack in Vancouver)
• Achieved LEED Gold certification for Yorkdale Shopping Centre
• Achieved Platinum DGNB Certification for The Center Potsdamer Platz in Berlin
• 20% reduction in carbon footprint (absolute carbon reduction) against 2019 baseline
• 19% reduction in carbon emissions intensity against 2019 baseline
• 10% reduction in energy intensity against 2019 baseline
• 11% low carbon energy consumption as a percentage of overall energy used

Social Achievements

• Measured Employee Experience Inclusion Index, scoring 2% above best-in-class average
• Developed enterprise Inclusion & Diversity statement
• Delivered inclusive leadership training to >80% of global leaders
• Provided mental health resources
• Scaled employee learning and development programs
• CAD 13.2 million procured value associated with ESG procurement questionnaires
• Received Best Places to Work in Canada Award

Governance Achievements

• Refreshed ESG Framework
• Committed to OMERS’ 2030 interim goal of reducing portfolio carbon intensity by 50%
• Initiated a three-year plan to accelerate portfolio-wide decarbonization
• Published Modern Slavery Statement
• Designated ESG Ambassadors throughout the business
• Launched Green Financing Framework
• Developed Green Lease Guidance and ESG agreement clauses

Climate Goals & Targets

Environmental Challenges

• Decreased waste diversion rate in 2022 (attributed to 'return to normal' activity post-COVID-19)
• Increased water consumption in 2022 (attributed to occupancy approaching pre-COVID levels)
• Need to improve data completeness of existing KPIs
• Need to build cross-functional ESG business capabilities

Mitigation Strategies

• Strategic improvement plan for 2023 to address waste diversion, including improved signage, communication, and data collection protocols
• Developing Social Value Framework and indicators to maximize and measure community impact
• Building cross-functional ESG business capabilities, expertise and accountabilities
• Onboarding all direct and third-party managed assets onto a single ESG data management platform

Supply Chain Management

Supplier Audits: 100 suppliers with an ESG procurement policy or similar; 226 ESG procurement questionnaires completed

Responsible Procurement

• ESG Procurement Checklist
• ESG Procurement program
• Healthy materials list
• WELL/Fitwel building certifications
• ESG clauses in procurement contracts

Climate-Related Risks & Opportunities

Physical Risks

• Extreme temperature events
• Reduced annual rainfall
• Increased flooding
• Increased frequency or intensity of storm surges

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of energy-efficient products
• Integration of clean energy solutions
• Green financing

Reporting Standards

Frameworks Used: GRI Standards, TCFD, UN SDGs, GHG Protocol Corporate Standard, GRESB Reference Guide, LEED, WELL, Fitwel, CaGBC’s Zero Carbon Building Standard, BREEAM, NABERS

Certifications: LEED, WELL Health-Safety Rating, Fitwel, DGNB, Zero Carbon Building - Design

Third-party Assurance: Ernst & Young LLP (EY) - limited assurance for select metrics

UN Sustainable Development Goals

• 7
• 11
• 12
• 13
• 15
• 3
• 5
• 8
• 10

Initiatives contribute to these goals through various environmental, social, and governance programs

Sustainable Products & Innovation

• Green leases
• ESG clauses in asset and property management contracts

Awards & Recognition

• PERE Global ESG Firm of the Year
• GRESB 5-Star rating
• GRESB Developments Sector Leader for the Americas in Office
• Fast Company’s World’s Most Innovative Companies
• WELL Health-Safety Rating
• Best Places to Work in Canada Award

Environmental Metrics

ESG Focus Areas

• Climate-proofing our portfolio
• Creating meaningful impact
• Enhancing ESG practices

Environmental Achievements

• Reduced carbon emissions intensity by 17% from our 2019 baseline
• Developed a Carbon Emissions Forecast Model to help property teams model pathways to net zero
• Developed an Asset Decarbonization Toolkit to enable teams to undertake a detailed building audit
• Over 55% of our asset-managed portfolio by GFA either have a decarbonization plan in development or have already completed one
• Conducted a location-based, desktop physical climate risk screen of our portfolio
• Reduced total carbon emissions (Scope 1 and 2) by 22%
• Reduced energy intensity by 11%
• Increased waste diversion rate by 3.4 percentage points year-over-year (2022-2023)

Social Achievements

• Launched Conscious Inclusion program to provide learning solutions aimed at building a diverse and inclusive workforce
• Established the Oxford Global ESG Working Group and regional Oxford ESG Working Groups
• Delivered ~25 hours of ESG best practice forums with over 1,900 attendees
• Improved data completeness of existing KPIs for community impact
• Designed development-specific ESG procurement questionnaire

Governance Achievements

• Published UK Modern Slavery Statement
• Designated ESG Ambassadors throughout the business functions
• Launched Regional and Global ESG working groups
• Onboarded 100% of Asset Managed assets onto our environmental data management platform

Climate Goals & Targets

Environmental Challenges

• Data completeness and quality challenges in decarbonization modeling (lack of whole building data, tenant utility data)
• Decline in recycling post-pandemic
• Increased insured losses from natural catastrophes
• Insurer capacity constraints and increased frequency/severity of climate events impacting insurance pricing and availability

Mitigation Strategies

• Participation in ULI – CRREM Working Group in North America to improve decarbonization modeling
• Increased education and refreshed waste collection practices
• Continual analysis of insurance market trends by Insurance Risk Management Team
• Identifying asset classes and regions with highest risk exposure, monitoring insurance rate increases, providing alternative insurance options

Supply Chain Management

Supplier Audits: 143 ESG procurement questionnaires completed in 2023

Responsible Procurement

• OMERS ESG Procurement Checklist; Development Procurement Questionnaire; ESG clauses in procurement contracts; screening of new suppliers for ESG credentials

Climate-Related Risks & Opportunities

Physical Risks

• Water stress
• Fluvial flood
• Coastal flood
• Tropical cyclone
• Wildfire
• Extreme heat
• Extreme cold

Transition Risks

• Regulatory changes
• Market shifts
• Increased insurance costs

Opportunities

• Development of energy-efficient products and systems
• Renewable energy generation

Reporting Standards

Frameworks Used: GRI Standards, TCFD, UN SDGs

Certifications: LEED, WELL, Fitwel, BREEAM, DGNB, HQE, NABERS

Third-party Assurance: Ernst & Young LLP (limited assurance)

UN Sustainable Development Goals

• 3
• 5
• 7
• 8
• 10
• 11
• 12
• 13
• 15

Oxford's initiatives contribute to these SDGs through various environmental, social, and governance programs and investments.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• 17th out of 80 category participants for 2023 GRESB submission
• Developments Global Sector Leader in Office by GRESB
• Fast Company’s World’s Most Innovative Companies (5th consecutive year)
• Best Places to Work in Ontario Award
• UK PropTech Association’s Transformational Business Award
• 2024 Best Office & Business Project at the MIPIM Awards for St. John’s Terminal