Property company also launches the British Land Transition Fund to drive progress through innovation, with retrofit prioritised over new build.
The announcement on 23 June follows the completion of British Land’s five-year programme, which has led to a 55% reduction in energy intensity and 73% reduction in carbon intensity versus 2009 baselines, in addition to a 16% reduction in embodied carbon emissions.
‘As a long-term investor in our places, we have the unique opportunity to make a meaningful impact on the environment and the communities where we operate,”Simon Carter
The company’s Sustainability Strategy for the next decade, includes the commitment to transform its entire portfolio to net zero carbon – including developments – by 2030. The Transition Fund aims to drive operational progress and finance the retrofitting of the standing portfolio. Meanwhile, place-making that benefits the local community will also take centre stage.
Simon Carter, Chief Financial Officer, said British Land had pushed the boundaries of its environmental performance in the last year of its five year programme and had been especially pleased by improvements to energy efficiency.
“Building on this excellent work, we are keen to accelerate the progress we’ve made over the last decade by setting ourselves bold stretching targets for the decade ahead. As a long-term investor in our places, we have the unique opportunity to make a meaningful impact on the environment and the communities where we operate,” he said.
Sustainability Strategy at a glance
Net zero carbon portfolio – including development activity – by 2030
This will include a 50% reduction target in embodied carbon and a further 75% reduction in operational carbon intensity against new 2019 baselines. All developments delivered from 2020 will be net zero embodied carbon, retrofit prioritised over new build
Launching a bespoke Transition Fund
The Fund will be financed by an internal fee of £60 per tonne of carbon, levied on new developments. The aim is to accelerate the path to net zero by driving innovation in development, financing the retrofit of the standing portfolio, and supporting customers in transforming their own space to reduce emissions.
A place-based approach to community to maximise local value
British Land has made a commitment to bring together local residents, customers, suppliers and organisations around common local goals to help strengthen community cohesion and trust, build resilience and address issues and opportunities unique to a given place.
Featured image credit: