Third-party limited assurance on Scope 1, 2 and partial Scope 3 Limited assurance to ISO 14064-3 covering 100% of Scope 1, 100% of Scope 2 (market-based), and 10% of Scope 3 (waste, business travel, employee commuting).
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Water goal revised from common area to whole building basis Sunsetted prior 2020 whole building consumption-based water goal. New suite of water goals introduced including 10% reduction in whole building water-use-intensity in water stress and non-water stress areas by 2027 and 2029 respectively (from 2021 baseline). Goal changed from common area specific to whole building based on greater data accuracy.
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SBTi will require restatement to 1.5°C alignment by 2025 Per SBTi mandates, AvalonBay will be required to restate both SBTs in 2025 to align with 1.5°C (currently aligned to 2°C). Before restatement, the company will reevaluate scope, boundaries and baseline of current targets.
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Scope 3 emissions increased 9.5% in 2022 due to development activity and resident WFH Scope 3 emissions increased by 9.5% in 2022, primarily attributable to increased development activity compared to 2021. Smaller portion related to resident emissions from greater WFH residents relative to 2017 baseline.
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LRQA continues third-party assurance of energy, GHG, water, waste data LRQA independently verified 2022 energy, GHG emissions, water and community waste data, and conducted full review of ESG Report. Aligned with ISO14064-3 and ISAE3000 standards.
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Embodied carbon tracking policy under development AvalonBay finalizing policy requiring all new developments to conduct life cycle assessments to better understand embodied carbon impact. Retrospectively completing LCAs for buildings developed in 2017 (SBT baseline year) to benchmark portfolio.
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$2.25B sustainability-linked credit facility entered On September 27, 2022, AvalonBay entered into a $2,250,000,000 Sixth Amended and Restated Revolving Loan Agreement with sustainability-linked pricing component tied to scope 1 & 2 GHG emissions reduction.
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Added 13 new on-site solar projects (2.25 MW) In 2022 completed 13 new solar PV installations adding 2.25 MW, bringing total to 51 operating solar systems with 6.97 MW. Estimated annual savings of 2,065 tCO2e.
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Shifted 95% of procurable common-area electricity to renewable wind In 2022 AvalonBay shifted 95% of procurable common-area electric load to Green-e certified wind energy via retail green electricity contracts (91,359 MWh of US-RECs).
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Transition plan in development; not yet 1.5°C aligned Current transition plan/decarbonization plan centered around two SBTi-approved targets aligned to 2°C. Company evaluating implications of transitioning targets from 2°C to 1.5°C in 2023.
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