The Jupiter Fixed Income team have engaged with Center Parcs on a range of topics, from their Scope 3 emissions to biodiversity. Find out what other points were raised and how Center Parcs responded in the full engagement study.

 

We had a positive initial meeting with Center Parcs on ESG. In many of our engagement calls, we find that there is a lot of work happening within an organisation that is not yet being published on their website, and this was the case for Center Parcs too. They highlighted the various ESG data that is still needed and the work that now must be done to pull it together in one place in a digestible format.

 

Center Parcs is working on their Scope 3 emissions data. They believe their supply chain is the area that requires the most work, as their suppliers range from large corporates such as Molson Coors and PepsiCo to many hundreds of SMEs and family-run businesses who possibly do not yet have a good idea of their own emissions. In our questions to Center Parcs, we mentioned that Tesco’s Scope 3 is 90% of their GHG emissions, and Center Parcs estimate their share of Scope 3 is of the same magnitude. For their Use of Sold Products (category 11) Scope 3 accounting, they would be looking at circa 2 million nights per sleeper annually, as well as having to assess all emissions from visitor travel to their sites. Laundry would also be a critical area for assessment of emissions. Internally, there is a discussion about how to measure their footprint, and whether this should be done per sleeper night. We pointed out that relative measures are fine if they are done in order to track progress and not to hide overall emissions increasing over time. We always prefer to see both methods reported.

 

The owner of Center Parcs, Brookfield, is increasingly involved in all of their investee company ESG reporting efforts. They cited Martin Gettings, Head of ESG Europe Real Estate at Brookfield, as helpful to them for their carbon reporting and TCFD report work. Brookfield also manage a transition fund1, and Center Parcs expect further input from their owner on decarbonisation technologies.

 

It remains the case that Center Parcs’ villages are extremely energy intensive, from heating all of their lodges and public