Our calculations only measure projects with a direct relationship to our finance or investment activities. If it is not possible to record 100% of the energy produced by the facilities we finance or invest in, we use estimates based on wind and solar indexes if applicable, and exclude projects that are still under construction.
With our carbon disclosures we have applied the attribution approach. This means that we calculate avoided emissions as they relate to the proportion of our finance in a project. For example, if we are responsible for half of a project’s finance, we report half of the emissions avoided by that project. This attribution approach is a more accurate reflection of Triodos Bank’s responsibility for the greenhouse gas emissions of the projects it finances and is consistent with the PCAF methodology.
The calculation of CO2e emission avoidance is made using conversion rates (gram CO2 equivalent per kWh, MJ or m3 energy produced) received from Guidehouse, an international energy and climate consultancy bureau and serving as the Secretariat of PCAF. The conversion rates, or emission factors, are derived from the Operating Margin emission factor of the International Financial Institutions (IFI) dataset and describe, per country, the grams of CO2e avoided when comparing sustainable energy with the non-sustainable power plants that will be replaced first when utilising new renewable power sources.
To calculate the average energy use in kWh per household in the countries where we are active, we use the most recent energy efficiency indicators published by the World Energy Council (WEC) and by Odyssee-mure.
The ‘Impact per customer’ calculations used throughout the annual report are based on a total of 744,000 customers at the end of 2022.
More information on how we contribute to decarbonising the economy can be found in our online annual report here.