Property giant aims for net-zero portfolio by 2030

Property giant British Land is to transform the entire portfolio of its estate to net zero carbon – including developments – by 2030.

The company, which manages a property portfolio worth £14.8bn, will create a Transition Fund to drive operational progress and finance the retrofitting of the standing portfolio. It has also committed to roll-out the successful place-based approach to social contribution across the portfolio.

As part of the drive to a net-zero carbon portfolio – including development activity by 2030 – British Land will aim for a 50 per cent reduction target in embodied carbon and a further 75 per cent reduction in operational carbon intensity against new 2019 baselines. In addition, from this year all developments delivered to be net zero embodied carbon.

The company intends to prioritise retro-fit over new build by means of a bespoke Transition Fundresourced by an internal fee of £60 per tonne of carbon, levied on new developments 

Claimed to be the first of its kind, the fund will 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

The strategy follows the conclusion of a successful five-year programme for British Land, achieving a 55 per cent reduction in energy intensity and 73 per cent reduction in carbon intensity versus its 2009 baselines, in addition to a 16 per cent reduction in embodied carbon emissions.

Simon Carter, chief financial officer at British Land, said:“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. Our strategy focuses on the two areas where we think British Land can create the most benefit; making our whole portfolio net zero carbon and partnering to grow social value and wellbeing in the places where we operate.”

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