The deadline for the more than 25 major property owners that signed up to the Better Buildings Partnership’s Climate Commitment to deliver their pathways to net zero is approaching and British Land has become the latest to publish.
The firms all committed in September 2019 to not only achieve net zero carbon across their business by at least 2050, but to show how they were going to get there before the end of this year.
Pathways have already been delivered by Derwent London, Great Portland Estates, Grosvenor and Canary Wharf Group, and now BL has joined the growing ranks of owners publicly outlining how they plan to achieve net zero.
Newly installed BL chief executive Simon Carter said: “Our commitments are aligned to the goals of our customers, partners and people. Our ability to deliver sustainable and efficient buildings is a clear advantage in a market increasingly focused on high-quality space and at British Land, we recognise the responsibility and opportunity we have to make a difference. We also benefit from the experience and commitment of our people, who are determined to deliver on our net zero ambition.”
BL’s pathway will see it deliver a 50% reduction in embodied carbon emissions at developments by 2030 to below 500kg of CO2e per sq m; make sure that 100% of its developments are net zero carbon from April 2020; and deliver a 75% reduction in operational carbon intensity across its portfolio by 2030.
To do this the REIT will prioritise retrofit over new build, will employ circular economy principles in design and construction, implement energy monitoring procedures across its retail and leisure assets, investigate the potential for a UK-based power-purchasing agreement and look at key partnerships it can form with customers to better understand their energy reduction plans.
To help fund the retrofitting of its existing portfolio, BL has set an internal carbon levy of £60 per tonne. Funds raised from that pricing will go into a transition vehicle, which will provide ring-fenced funding to finance the retrofitting of its standing portfolio, support research and development initiatives, and finance appropriate offset strategies.
BBP chief executive Sarah Ratcliffe said: “It is fantastic to see British Land’s commitment to sustainability reflected in its net zero carbon pathway and the commitment to transform its portfolio to be net zero by 2030. I am particularly encouraged to see British Land establish clear actionable commitments during the first five years of this pathway that match this long-term ambition with short-term action, together with a transition vehicle that uses an internal price of carbon and additional ring-fenced funds to improve the energy efficiency of existing buildings ”
Read BL’s net zero carbon pathway in full >>
To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette
