36www.ppf.co.ukResponsible Investment Report 2019/20 37 Managing climate change risks and opportunities – continued A p p Focus areas in 2020 and beyond r o Alongside the expansion of carbon footprinting ach to other asset classes, we will also start undertaking scenario analysis on a selection of private markets’ assets, and plan to expand the physical risks metrics for real assets. We note the UK Parliament’s legislation in 2019 requiring the Government to achieve net zero emissions by 2050 as part of its commitment to the Paris Agreement. In order to understand what tangible actions investors can practically E take to support the achievement of country or xe c regional targets, we are actively collaborating u t io with the IIGCC through their Paris Aligned n Investment Initiative (PAII), and following the developments of the Science Based Targets Initiative (SBTi) framework for Financial Institutions. Case study Infrastructure manager focus L o o k on sustainability in g f o r w ar Through an infrastructure external manager, we invested d in a high-class student accommodation project for the University of Hertfordshire. The housing stock of the University campus in Hatfield was in need of refurbishment, modernisation and expansion, and sustainability is a key priority at the University. The construction of 21 new buildings housing 3,000 people was completed in 2016 and delivered in partnership with Uliving@Hertfordshire. Quality of living was at the centre of the buildings’ design, with natural light, ventilation, superior air quality and acoustic performance considered, with the development rated ‘Outstanding’ by BREEAM. Alongside climate-related benefits, the development also has water efficiency, circular principles in both construction and operation phases and sustainable transport benefits. The overall development also included an onsite Energy Centre, completed in June 2018 to generate low-carbon heat and power for the accommodation blocks and communal facilities. High-level energy performance translates to significant savings on operational running costs, further supported by the availability of an onsite renewable Image courtesy of Pete Stevens energy source, with the University operation at 26-32 per cent lower energy use per bed space compared to other accommodation sites. Source: https://www.herts.ac.uk/about-us/news/2019/october/university-of- hertfordshire-opens-innovative-musculoskeletal-research-unit