We are starting to incorporate ESG considerations into our due diligence processes, by requesting environmental policies from suppliers and including in our Requests for Proposal a requirement to support the Group’s environmental agenda.
The most significant area of contribution to the Group’s carbon footprint is our venues’ energy usage. We are working with our energy consultants to determine where reduction opportunities lie and once the assessment is complete we will set a target to reflect these findings.
Our energy consultants, Consultus, are conducting a power capacity review of our properties. Of the 41 supplies approved for capacity reductions, 23 have been processed, 8 are in a queue to be processed, and 10 require re-analysis following confirmation of existing details. Once the project has concluded, Consultus will issue a formal review to detail successful price reduction by venue.
Rank is working with its suppliers and providers to assess our use of resources and evaluate where improvements can be made.
We are engaged in early stage conversations with our water provider, SES, as well as a water efficiency business, with the objective of reducing water consumption and surface water impact on our business.
We have asked our waste provider, Biffa, to revisit our Waste & Recycling Guide and update it to reflect our current waste consumption and subsequently outline appropriate measures for waste reduction. Biffa will be creating on site collateral to instruct employees on waste segregation and thereby reduce waste to landfill, and we are considering further measures to raise awareness for recycling and best practice in waste management.
The Group is looking at specific areas where it can reduce its environmental impact from travel and is working with consultants to consider a range of carbon reduction initiatives. As a result of the pandemic, remote working has changed our commuting practices. We will be reviewing our travel policy in order to ensure it is fit for purpose, and we are also reviewing options to electrify our fleet.
In line with the ambitions set out in the Paris Agreement and commitments set out at the recent COP26 UN Climate Conference, Rank is considering its roadmap towards a carbon net zero future.
In tandem with our energy usage and power capacity review, we will be developing our carbon reduction strategies with our operational partners and will update stakeholders on our progress.
This will be formalised through a net zero framework and targets and criteria that involves achieving actual emissions reduction and neutralisation of any residual carbon from our operations.
Commensurate with the requirement under Listing Rule (LR 9.8.6) regarding disclosures to the Task Force on Climate-related Financial Disclosures, Rank has developed its reporting framework to take into account the TCFD recommendations. We will align our performance and strategy reporting to the four pillars of the TCFD: governance, strategy, risk management, and metrics and targets.
Please refer to pages 63 to 70 of our 2022 Annual Report for further details.
Rank has been a member since June 2020.