British Land’s science-based targets approved on journey to net zero

The real estate investment trust company has set targets to reduce absolute Scope 1 and 2 greenhouse gas emissions by 51% by 2030

British Land has confirmed the Science Based Target initiative has validated that its commitments to reduce greenhouse gas emissions are aligned with the 1.5°C global warming scenario set out in the Paris climate agreement.

The real estate investment trust company has set targets to reduce absolute Scope 1 and 2 greenhouse gas emissions by 51% by 2030 compared to a 2020 base year and Scope 3 emissions by 55% per m2 of net lettable area cover over the same period.

By 2020, it achieved a 73% reduction in Scope 1 and 2 emissions versus a 2009 baseline, following the implementation of energy efficiency improvements across its operations.

British Land has also started a programme of net zero asset audits of its portfolio, identifying opportunities to retrofit its buildings and is delivering buildings with lower embodied carbon than a traditional new build.

It also created a bespoke Transition Vehicle, which finances its journey to operational net zero carbon, imposing an actual financial cost of carbon on every development, to create the ring-fenced capital it requires to become net zero carbon nationwide by 2030.

Matthew Webster, Head of Portfolio Sustainability at British Land said: “These are stretching targets but technology can play a key role in optimising energy usage and our team is highly experienced at finding new and innovative ways to make our space more efficient.

“We recognise the urgent need to be ambitious in the environmental goals we set ourselves and are supported in this by our customers, partners, suppliers and people.”

 

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