NewRiver REIT has today signed up to the Better Buildings Partnership’s (BBP) industry leading Climate Commitment after publishing their Pathway to Net Zero. NewRiver REIT are the 30th organisation to sign the commitment, which now represents over £375bn combined AUM and 11,000 properties globally.
NewRiver REIT is a real estate investment trust with a property portfolio spanning 8 million sq.ft comprising community shopping centres and retail parks. Their assets prioritise occupiers that provide essential goods and services to local communities, whilst providing sustainable and growing returns for their stakeholders.
NewRiver REIT have developed a 3-step approach to becoming a Net Zero Carbon business, with targets to be net zero carbon for all corporate related carbon emissions by 2025, all operational emissions arising from directly managed assets by 2040, and across their entire portfolio whether directly or indirectly managed by 2050. Find out more about their sustainability initiatives here. In signing the Climate Commitment, NewRiver REIT become the second real estate business outside of the BBP membership to do so.
The BBP Climate Commitment was launched in 2019 and requires signatories to publish net zero carbon pathways and delivery plans, disclose the energy performance of their assets and develop comprehensive climate resilience strategies. To support signatories, the BBP published a Net Zero Carbon Pathway Framework, and has an ongoing programme of work to support its members on their journey to Net Zero Carbon.
The BBP encourages all property owners to establish Net Zero Carbon Pathways and become signatories to the Commitment.
Sarah Ratcliffe, CEO, Better Buildings Partnership said: “We are delighted to welcome another signatory to the BBP Climate Commitment which has already played a vital role in driving industry transformation. NewRiver REIT’s publication of its net zero carbon pathway demonstrates the significant reduction in emissions that will be necessary to meet its net zero targets and we look forward to seeing how this will be delivered across its retail and leisure portfolio.”
Allan Lockhart, CEO, NewRiver said: “Our unique position as a long-term investor in local communities creates invaluable opportunities to leverage change. We recognise our responsibility to ensure our portfolio can weather the risks created by a changing climate and our pathway to net-zero outlines our intentions for addressing this responsibility, having carefully considered the Better Buildings Partnership’s (BBP) guidance. We are pleased to seal our net-zero ambition by becoming a signatory to the BBP’s Climate Commitment, joining other responsible organisations across the industry in actively reducing our emissions to pursue a 1.5-degree future and avoid the very worst effects of climate change.”
Note to Editors
The Better Buildings Partnership (BBP) is a not for profit collaboration of the UK’s leading property owners who are working together to improve the sustainability of the UK’s existing commercial buildings. The organisation's aim is to deliver market transformation through sustainability leadership and knowledge sharing across the UK property industry. The BBP currently has 48 members who represent in excess of £275bn Assets Under Management (AUM).
BBP Climate Commitment
Signatories of the BBP Climate Change Commitment include abrdn, Aviva Investors Real Estate, British Land, Bruntwood, Cadogan, Canary Wharf Group, DWS, Derwent London, Federated Hermes, Frasers Property, GPE, Grosvenor Britain & Ireland, Grosvenor Europe, Hammerson PLC, Hibernia REIT, Landsec, LaSalle Investment Management, LGIM Real Assets, Lendlease Europe, Low Carbon Workplace, M&G Real Estate, Nuveen Real Estate, Orchard Street Investment Management, Royal London Asset Management, Schroder Real Estate Investment Management, Shaftesbury, SEGRO, Transport for London, The Crown Estate and Workspace Group PLC.