British Land sets out pathway to net zero carbon
Following its commitment in May 2020 to achieve a net zero carbon portfolio by 2030 and building on the significant progress made over the last five years, British Land has now set out its Pathway to Net Zero Carbon.
The company says it will focus on further reducing embodied carbon in its developments and operational carbon across its portfolio in line with the following headline targets:
• 50% reduction in embodied carbon emissions at developments by 2030 to below 500kg CO2e per sq m
• 100% of developments to be net zero carbon from April 2020
• 75% reduction in operational carbon intensity across our portfolio by 2030
British Land says it has already made substantial progress at its two most recent developments, 100 Liverpool Street and 1 Triton Square – both of which exceed the 2030 target for embodied carbon emissions. The company's most recently committed development, Norton Folgate, is also in line with this target. In each of these buildings, British Land has proactively re-used much of the existing structure, enabling substantial reductions in embodied carbon.
The scope of the plan includes operational energy consumption in customer space as well as landlord controlled space, a step change in the company's approach to managing operational carbon. To support this objective, British Land has established a Transition Vehicle, funded by an internal carbon levy of GBP60 per tonne of embodied carbon applied to new developments. The Transition Vehicle will provide ring fenced funding to finance the retrofitting of the standing portfolio and support research & development initiatives as well as finance appropriate offset strategies.
Simon Carter, Chief Executive of British Land, says: “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.”
Sarah Ratcliffe, CEO, Better Buildings Partnership, says: “It is fantastic to see British Land’s commitment to sustainability reflected in its Net Zero Carbon Pathway and the commitment to transform their portfolio to be net zero by 2030. I am particularly encouraged to see British Land establish clear actionable commitments during the first 5 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.”