British Land commits to net zero carbon portfolio by 2030

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BRITISH Land has launched its Sustainability Strategy, announcing its ambition to transform the entire portfolio, including developments to net zero carbon by 2030.

This follows the conclusion of a successful five-year programme, where the company achieved a 55% reduction in energy intensity and 73% reduction in carbon intensity versus its 2009 baselines, in addition to a 16% reduction in embodied carbon emissions.

Simon Carter, Chief Financial Officer, British Land, commented on the announcement: “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% 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 well-being in the places where we operate.”

The company will create a Transition Fund to 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.

  • Net zero carbon portfolio – including development activity – by 2030
    • Tackling both embodied carbon and operational carbon, with 50% reduction target in embodied carbon and a further 75% reduction in operational carbon intensity against new 2019 baselines
    • 100% 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 first of its kind, 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

The company has also supported 1,745 people into work and nearly 43,000 children are benefiting from improved literacy skills, through their partnership with the National Literacy Trust.

More information about the 2030 Sustainability Strategy can be found here