Climate Change Data

Kennedy Wilson

Climate Impact & Sustainability Data (2016, 2019, 2021, 2022, 2022-2023, 2023)

Reporting Period: 2016

Environmental Metrics

Total Carbon Emissions:4,901 tCO2e (Scope 1 & 2)
Scope 1 Emissions:4,901 tCO2e
Scope 2 Emissions:12,867 tCO2e
Scope 3 Emissions:4,989 tCO2e
Total Energy Consumption:39,304 MWh
Water Consumption:257,101 m3

ESG Focus Areas

  • Sustainability
  • Social Responsibility

Environmental Achievements

  • Achieved a 4% reduction in electricity usage and a 3% reduction in natural gas usage by kilowatt hour of energy use across 19 like-for-like buildings.
  • Achieved a 16% year-on-year reduction in gas usage and a 12% year-on-year reduction in greenhouse gas emissions at the Fairmont Hotel.
  • Achieved a 15% decrease in natural gas consumption year-on-year, leading to a 10% overall reduction in greenhouse gas emissions at 111 Buckingham Palace Road.
  • Achieved LEED Gold certification at Baggot Plaza, Dublin with a 70% reduction in energy consumption and a 38% reduction in water consumption over the LEED baseline.

Social Achievements

  • Supported two significant social causes and events at major assets, donating £10,000 to Marie Curie and raising £7,500 for Francis House Children’s Hospice.

Governance Achievements

  • Formally adopted a responsible investments policy in 2016, including sustainability and social responsibility measures.
  • Formally adopted both a sustainability policy and social responsibility programme in 2016.
  • Undertook an external evaluation of the Board’s effectiveness in 2016.

Climate Goals & Targets

Medium-term Goals:
  • Further improve on EPRA Silver and Bronze awards for operational and sustainable reporting disclosures.
Short-term Goals:
  • Generate a target incremental NOI of £14.5 million by the end of 2018 from selected asset management initiatives.

Environmental Challenges

  • Significant political and capital market turbulence.
  • Material disconnect between KWE’s share price and the underlying business.
  • Market uncertainty due to Brexit negotiations.
  • Aberdeen office market remained challenging due to weak occupational demand.
Mitigation Strategies
  • Improved the mix of unsecured debt and extended debt maturities while keeping the average cost of debt low.
  • Undertook a £100 million share buyback programme.
  • Geographically diversified portfolio reducing the overall exposure to the UK.
  • High occupancy levels (95%) and long WAULT (7.1 years to first break).
  • Significant cash and undrawn credit line liquidity (£681.5 million at 31 December 2016).
  • Selectively deployed capital across targeted refurbishment projects at Aberdeen office assets.

Supply Chain Management

Responsible Procurement
  • Ensure key service providers adopt a work methodology consistent with KWE’s sustainability policy and priorities.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: EPRA Best Practice Recommendations

Certifications: LEED Gold

Third-party Assurance: Carbon Credentials

Awards & Recognition

  • EPRA Bronze sBPR award (2015)
  • Irish Golf Resort of the Year for 2016 (Portmarnock Hotel)

Reporting Period: 2019

Environmental Metrics

Total Carbon Emissions:7,555 tons CO2e (Europe, 2019)
Renewable Energy Share:99% (Europe, electricity, Q4 2019)
Water Consumption:263,282 m3 (Europe, 2019)
Waste Generated:7,901 tons (Europe, 2019)

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • 33% carbon emissions reduction in Europe portfolio vs. baseline (31% achieved by December 2019)
  • 100% global portfolio in utility measurement program
  • 99% of electricity procured for directly managed European portfolio from renewable sources
  • Zero Waste to Landfill certification at Capital Dock, Dublin

Social Achievements

  • Launched eight weeks of paid bonding time for new parents in the U.S.
  • Provided on-demand access to virtual care and services supporting women’s and family healthcare needs globally
  • $3.0 million in 2019 Kennedy Wilson Foundation donations
  • €100,000 partnership with basis.point to support child development initiatives in Dublin’s North Inner City
  • 10,000 affordable housing units delivered in the Western U.S. through Vintage Housing partnership

Governance Achievements

  • Creation of a formal corporate sustainability committee
  • Active and responsive shareholder engagement
  • Regular executive sessions of independent directors
  • Lead independent director added in 2019
  • Commitment to include women in the qualified pool of director candidates
  • Updated Anti-Bribery and Corruption policy
  • Completed data security audit in Europe

Climate Goals & Targets

Short-term Goals:
  • Set first reduction target for U.S. portfolio (carbon and water) and new targets for Europe (carbon, water, waste) by 2020

Environmental Challenges

  • Supply chain disruptions due to COVID-19 pandemic
  • Understanding wider climate risks to portfolio, business and supply chains
  • Water scarcity at West Coast properties in the U.S.
Mitigation Strategies
  • Pivoted quickly during the pandemic using existing IT infrastructure and business continuity planning
  • Supported tenants and residents with enhanced cleaning, virtual leasing platforms, and guidance on government assistance
  • Accelerated over $120,000 in grants to non-profit partners
  • Comprehensive understanding of Energy Performance Certificates (EPC) ratings across European portfolio
  • Strategies to reduce water consumption including installing water-efficient appliances and fixtures, native landscaping, and water-saving devices

Supply Chain Management

Responsible Procurement
  • Code of Vendor Conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: INREV Sustainability Guidelines, EPRA Sustainability Best Practice Recommendations, UN SDGs

Certifications: LEED, BREEAM, NZEB, fitwel, WELL Building Standard, Wired Score, Energy Star, Zero Waste to Landfill

UN Sustainable Development Goals

  • Good Health and Well-Being
  • Sustainable Cities and Communities
  • Gender Equality
  • Responsible Consumption and Production
  • Decent Work and Economic Growth
  • Climate Action
  • Industry, Innovation and Infrastructure
  • Peace, Justice and Strong Institutions

Awards & Recognition

  • 2 awards for waste management at 111 Buckingham Palace Road

Reporting Period: 2021

Environmental Metrics

Renewable Energy Share:100% (European electricity)

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • 100% of European electricity from renewable sources
  • 25M square feet sustainably certified
  • 100% portfolio with building ratings
  • Halved absolute emissions in Europe over six years (2016-2021)
  • 41% reduction in energy consumption at Ocean House (2021 vs 2019)

Social Achievements

  • 11,000 affordable housing units completed and under construction in the Western U.S.
  • $15M investment in historically significant properties in 2021
  • $2.4M Kennedy Wilson Charitable Foundation donations in 2021
  • Launched Kennedy Wilson Cares volunteer network in the U.S.
  • Housed five refugee families in Dublin

Governance Achievements

  • Formed a new ESG Committee of the Board of Directors in 2022
  • Established a Global ESG Committee
  • Appointed a Global Sustainability Officer in 2022
  • ESG factors considered in executive pay
  • Independent gender pay gap analysis on a regular basis

Climate Goals & Targets

Environmental Challenges

  • COVID-19 impact on occupancy levels affecting energy consumption data
  • Data collection challenges across global portfolio
  • Inconsistent relationship between known consumption data and floor area for intensity calculations
Mitigation Strategies
  • Switched to Deepki (Europe) and Measurabl (U.S.) for enhanced data collection
  • Using ENERGY STAR Portfolio Manager to track U.S. data
  • Applying a new gap-filling methodology for European data
  • Working to reconcile data for floor area-based intensity reporting

Supply Chain Management

Responsible Procurement
  • Code of Vendor Conduct

Climate-Related Risks & Opportunities

Transition Risks
  • Increased environmental regulations
  • Occupier demand for sustainable buildings
Opportunities
  • Energy efficiency improvements
  • Onsite renewable energy

Reporting Standards

Frameworks Used: SASB, GHG Protocol, INREV Sustainability Guidelines, EPRA Sustainability Best Practice Recommendations

Certifications: LEED, BREEAM, WiredScore, ENERGY STAR, Green Globe, Fitwel, WELL

Awards & Recognition

  • Royal Institute of the Architects of Ireland (RIAI) 2022 Public Choice Award (Ten Hanover Quay)
  • Green Apple Award (Botanica Ditton Park)
  • Bali National Landscape Award (Botanica Ditton Park)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:6,082 tCO2e (Total Landlord Office)
Scope 2 Emissions:9,367 tCO2e (Total Landlord Office, Location Based)
Scope 3 Emissions:752 tCO2e (Total Landlord Office)
Renewable Energy Share:Not disclosed
Total Energy Consumption:48,277,266 kWh (Total Landlord Office)
Water Consumption:211,262 m3 (Total Landlord)
Waste Generated:5,326 tons (Total Landlord Managed)
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Increased on-site renewable energy consumption by 84% in the office portfolio and 134% in the retail portfolio.
  • Reduced direct Scope 1 carbon emissions by 17% (like-for-like) and 23% (absolute) in the office portfolio.

Social Achievements

  • Not disclosed

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Data reconciliation for floor area-based normalization of energy and GHG intensity.
  • Inconsistent relationship between consumption data and floor area for some assets.
Mitigation Strategies
  • Working to reconcile data for reporting on a floor area-based normalization.
  • Excluding assets with inconsistent data relationships from intensity calculations.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed

Reporting Period: 2022-2023

Environmental Metrics

Total Carbon Emissions:7920.46 mtCO2e/year
Scope 1 Emissions:7171.52 mtCO2e/year
Scope 2 Emissions:20176.31 mtCO2e/year
Scope 3 Emissions:Not disclosed
Renewable Energy Share:16.12% (Office)
Total Energy Consumption:148667744 kWh/year
Water Consumption:1088983.46 kGal/year
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Reduced energy intensity by 3.56% in the office portfolio (like-for-like)
  • Reduced water use intensity by 6.75% in the office portfolio (like-for-like)
  • Increased renewable energy share in the office portfolio by 5.94% (like-for-like)

Social Achievements

  • Not disclosed

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Data gaps in utility invoices
  • Difficulty accurately measuring common area square footage in multifamily assets
Mitigation Strategies
  • Used estimations to fill data gaps
  • Used industry best practices to estimate common area square footages

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI, ENERGYSTAR Portfolio Manager

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Energy Management
  • Water and Effluents
  • Emissions
  • Waste
  • Diversity & Equal Opportunities
  • Local Communities

Environmental Achievements

  • Not disclosed

Social Achievements

  • Not disclosed

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Not disclosed
Mitigation Strategies
  • Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed