Carbon Neutral in Own Operations
The Group’s Scope 1, Scope 2 and material non-Financed Scope 3 GHG emissions were calculated for 2021, using a widely accepted methodology and bringing the Group in a position where it can set a feasible roadmap of actionable tasks to reduce its carbon footprint and achieve its decarbonisation goals. For the Group to meet the carbon neutrality target, the Scope 1 and Scope 2 GHG emissions should be reduced by 42% (absolute target) by 2030. The absolute reduction target has been set following the climate scenario of 1.5°C which is aligned with the Paris Agreement.
Given the fact that BOC PCL is the main contributor of GHG emissions of the Group, as BOC PCL we have formulated a decarbonisation plan to reduce our own carbon footprint relating to Scope 1 and Scope 2 GHG emissions and ultimately reach our Carbon Neutral target by 2030.
In BOC PCL we plan to invest in energy efficient installations and actions and replace fuel intensive machineries and vehicles from 2023 to 2025, leading to approximately 5-10% reduction in Scope 1 and Scope 2 GHG emissions by 2025 compared to 2021. We expect that the Scope 2 GHG emissions will be reduced further when the energy market in Cyprus shifts further towards renewable energy.
Actions planned by BOC PCL between 2023 to 2025
- Air-conditioning systems replacements
- Boiler replacements
- Photovoltaic (PV) installations
- Roof insulation
- CO2 sensors installation
- Heat recovery installation
Similar energy efficiency actions are planned for the other operating subsidiaries of the Group. Currently the Group does not plan to set specific targets for the material non-Financed Scope 3 GHG emissions as the vast majority of its Scope 3 GHG emissions relate to Financed Scope 3 GHG emissions derived from its loan portfolio.
BOC PCL, being the main contributor of GHG emissions of the Group, has estimated Scope 1 and Scope 2 GHG emissions for 2022 in order to monitor the progress on carbon neutrality target.
BOC PCL - Scope 1 and Scope 2 GHG emissions
BOC PCL - Paper Consumption (kgs)