Moorfield commits to being net zero carbon by 2030
Moorfield Group, the UK real estate fund manager, has committed to being operationally net zero carbon by 2030.
It represents the latest and most significant phase of Moorfield’s long standing sustainability strategy, which incorporates all the relevant Environmental, Social and Governance (ESG) aspects of its operations and reflects the critical role that the real estate industry has to play in mitigating climate change.
Moorfield’s environmental vision is to eliminate carbon emissions under its control across its investment portfolio, including through working with third parties, by sustainably designing, constructing, operating and investing in net zero-ready buildings. As part of its pathway to being net zero carbon, the Company has already set a number of initial energy & climate targets, including:
• 100 per cent of electricity to be sourced from renewables by 2030, where contracts are under its control
• Develop an implementation plan for solar PV rollout on all viable roof spaces by 2022
• Obtain or estimate tenant energy consumption for >90 per cent of tenancies by 2022
• Create climate change adaptation & resilience plans for every asset including physical climate change risk analysis and remediation strategy for all sites by 2025
Moorfield aims to realise its commitments, which align with the Greenhouse Gas Protocol emissions scopes, by utilising an Environmental Management System, which is aligned with the International Standards Organisation 14001 standard, an internationally recognised approach to environmental management. This system will enable Moorfield to implement net zero roadmaps which outline energy efficiency actions for each asset alongside its broader ESG targets covering waste management, supply chain management, tenant engagement, employee development, sustainable construction and building operations, green building certifications, green leases, materials selection and community involvement.
Sadie Malim, Head of Special Projects at Moorfield Group, says: “This commitment is a continuation of our sustainability agenda, which sits at the very core of Moorfield’s ambitions. Since 2016 we have reduced our like-for-like emissions by 37 per cent and our energy consumption by 8 per cent. In addition, all our operational investments either already have, or are in the process of procuring green energy contracts, products and services that are carefully evaluated to meet a specified sustainability criteria.
“The progress we have made so far has emboldened us to commit to a net zero carbon by 2030 strategy and we are confident that our Funds are ready for the challenge. We look forward to reporting on our progress in achieving these targets.”
Marc Gilbard, CEO of Moorfield Group, adds: “I believe that current events will hasten the trend taking place within the real estate industry of wanting to have more of a positive social and environmental impact, something Moorfield has been advocating for many years. The real estate industry must take its place in the global climate conversation and be both responsible and proactive. By working with our occupiers, suppliers, communities and industry peers, Moorfield is determined to demonstrate the synergies possible through delivering excellence in sustainability alongside professional real estate management.”