Following their commitment in May 2020 to achieve a net zero carbon portfolio by 2030 and building on the significant progress made over the last 5 years, today British Land are delighted to set out their Pathway to Net Zero Carbon.
They will focus on further reducing embodied carbon in our developments and operational carbon across our portfolio in line with the following headline targets:
British Land have already made substantial progress at their two most recent developments, 100 Liverpool Street and 1 Triton Square – both of which exceed their 2030 target for embodied carbon emissions. Their most recently committed development, Norton Folgate, is also in line with this target. In each of these buildings, British Land 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 their approach to managing operational carbon. To support this objective, they have established a Transition Vehicle, funded by an internal carbon levy of £60 per tonne of embodied carbon applied to new developments. The Transition Vehicle will provide ring fenced funding to finance the retrofitting of their standing portfolio and support research & development initiatives as well as finance appropriate offset strategies.
Simon Carter, Chief Executive of British Land, 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.”
Sarah Ratcliffe, CEO, Better Buildings Partnership said: 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 ringfenced funds to improve the energy efficiency of existing buildings”