Since 2019, we have tracked our Scope 1, 2 and select Scope 3 GHG emissions in line with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. A year over year review is below. In summary, cumulative Scope 1 and 2 emissions have declined year over year since we started tracking in 2019. Significant Scope 2 emissions reductions were primarily achieved in 2020 because of changes due to the COVID-19 pandemic. Our Scope 2 emissions continue to decrease mainly as a result of office square footage reductions.

Scope 1 emissions have remained relatively steady for the past four years. We expect to continue to see opportunities for Scope 1 and 2 emissions reduction through optimization of the AXIS global real estate portfolio and identification of efficiencies in facilities management. Our Scope 3 emissions resulting from air/business travel and downstream leased assets increased in 2022 primarily as a result of increased business travel after COVID-19 restrictions were lifted.