Lockton Environmental Report 2023-24

Carbon offsetting

Continuing to step further. We are carbon neutral with verified measurement and verified offset. Lockton is focusing on removing CO₂ from what we do, and this programme will gradually improve our CO₂e profile. Until it succeeds, and particularly as technology advances to allow lower or zero carbon options for travel, we will continue with our chosen partner, Carbon Footprint, to select and use accredited offset schemes. To do this we need accurate verified measurement, which is covered earlier in this report, and then purchase carbon credits to offset all our emissions. The offset method remains unchanged from the prior year and we have again undergone PAS 2060 assessment of our programme to recognise, accredit and reinforce our Carbon Neutral credentials. We continue to be proud to say we are a carbon neutral organisation. In the future as other targets impact on our generated CO₂ the carbon neutral position will be maintained with carbon offsetting reducing as our business processes are gradually de-carbonised. Our offsetting is undertaken to internationally recognised standards and for this we use PAS 2060. We have alsorecognised that from 1st January 2025, ISO 14068-1:2023 will replace PAS 2060. Our measurement and reporting and offsetting are therefore being changed to align to this standard in future reports.

The wind power generated from the project will be displacing the electricity generated from thermal power stations feeding into the Indian grid (Indian Electricity Grid) and will be replacing the usage of diesel generators for meeting the power demand during shortage periods. Since the wind and solar power is Green House Gas (GHG) emissions free, the power generated will prevent the anthropogenic GHG emissions generated by the fossil fuel-based thermal power stations comprising coal, diesel, furnace oil, and gas. The estimation of GHG reductions by this project is limited to carbon dioxide (CO₂) only. The proposed project activity involves the installation of Wind Power Projects. The total installed capacity of the project is 60 MW, which involves the operation of Wind Turbine Generators (WTGs) in multiple states of India. The project contributes to sustainable development in the following ways:

Affordable and clean energy

Decent work and economic growth

Climate action

Technological well-being: The successful operation of project activity would lead to promotion of wind-based power generation and would encourage other entrepreneurs to participate in similar projects. The project activity will generate power using zero emissions wind-based power generation which helps to reduce GHG emissions and specific pollutants like SOx, NOx, and SPM associated with the conventional thermal power generation facilities.

Social well-being: The project helps in generating employment opportunities during the construction and operation phases. The project activity will lead to development in infrastructure in the region, like development of roads and also may promote business with improved power generation. The project is a clean technology investment in the region, which would not have taken place in the absence of the VCS benefits. The project activity will also help to reduce the demand supply gap in the state.

Environmental well-being: Wind being a renewable source of energy, it reduces the dependence on fossil fuels and conserves natural resources which are on the verge of depletion. Due to its zero emissions the project activity also helps in avoiding significant amount of GHG emissions.

CERTIFIED CARBON NEUTRAL TO PAS 2060

This year we have used one main VCS Gold Standard Project, a Wind Power Project in Madhya Pradesh, Gujarat and Kerala by D.J. Malpani.

8

9

ENVIRONMENTAL REPORT | LOCKTON

ENVIRONMENTAL REPORT | LOCKTON