Green investment programme for Pandox-operated hotels
Between 2019 and 2023 Pandox implemented two green investment programmes focusing on energy efficiency in its own hotel operations. In 2023 Pandox's Board of Directors decided on an investment programme for climate change of approximately MEUR 29 with the aim of achieving the emission targets for Scope 1-2
The first Green Investment Programme focused on energy and water reduction measures and technology installations, such as building monitoring systems with integrated sub-meters. All hotels in the programme have these property monitoring systems to manage the property in a more climate-smart way.
These programmes were completed in 2023 and aimed to reduce gas consumption by 21%, electricity by 25%, water by 23% and CO2 by 18%. The outcome was a reduction of 18% in gas, 19% in electricity, 24% in water and 20% in CO2. The reason for not achieving the targets for gas and electricity is due to delays in installing two building management systems, and renovating a boiler room. This will be completed in 2024.
Increased investment programmes
For the Own Operations business segment (Scope 1 and 2), the Board of Directors approved during the year a climate change adaptation programme of approximately EUR 29 million for eight properties. The programme includes the phasing out of gas and oil, energy efficiency and an increased share of renewable energy. When the project is completed in 2027, Pandox is expected to be in a good position to achieve the science-based emission targets for Scope 1 and 2 and generate annual savings of around EUR 3 million.