June 23, 2020
British Land commits to net zero carbon portfolio by 2030
British Land has launched its sustainability strategy for the next decade, announcing its ambition to transform the entire portfolio to net zero carbon – including developments – by 2030. The company will create a Transition Fund which it claims will drive operational progress and finance the retrofitting of the standing portfolio. It has also committed to roll-out the successful place-based approach to social contribution across the portfolio.
This follows the conclusion of a five-year programme for British Land, achieving a 55 percent reduction in energy intensity and 73 percent reduction in carbon intensity versus its 2009 baselines, in addition to a 16 percent reduction in embodied carbon emissions. The company claims that this strategy has already made a meaningful contribution to society, supporting 1,745 people into work and nearly 43,000 children are benefiting from improved literacy skills, through a partnership with the National Literacy Trust.
British Land claims that its objectives are:
- Net zero carbon portfolio – including development activity – by 2030
- Tackling both embodied carbon and operational carbon, with 50 percent reduction target in embodied carbon and a further 75 percent reduction in operational carbon intensity against new 2019 baselines
- 100 percent of developments delivered from this year to be net zero embodied carbon
- Prioritising retro-fit over new build
- Launching a bespoke Transition Fund
- Resourced by an internal fee of £60 per tonne of carbon, levied on new developments
- The fund will accelerate the path to net zero by driving innovation in development, financing the retrofit of the standing portfolio, and supporting customers in transforming their own space to reduce emissions
- A place-based approach to community to maximise local value
- Commitment to all places being inclusive local anchors that encourage partnership and deepen connections with our places
- Bringing local residents, customers, suppliers and organisations together around common local goals to help strengthen community cohesion and trust, build resilience and address issues and opportunities unique to that place
Simon Carter, Chief Financial Officer, British Land said: “In the final year of our five year programme, we pushed the boundaries on environmental performance. We’re particularly pleased to have improved the energy efficiency of our portfolio by 55 percent and are equally proud of the investment we’ve made to support the communities that host our assets across the UK.
“Building on this excellent work, we are keen to accelerate the progress we’ve made over the last decade by setting ourselves bold stretching targets for the decade ahead. As a long-term investor in our places, we have the unique opportunity to make a meaningful impact on the environment and the communities where we operate. Our strategy focuses on the two areas where we think British Land can create the most benefit; making our whole portfolio net zero carbon and partnering to grow social value and wellbeing in the places where we operate.”