Land Securities is world's first property firm to have science-based targets approved
The UK's largest listed commercial real estate company has today (2 March) announced the approval of its science-based target to reduce emissions by 80% by 2050.
Land Securities, which has set the target against a 2014 baseline, has also become the first property business to sign up to The Climate Group’s EP100 campaign, pledging to double its energy productivity within twenty years.
Land Securities chief executive Robert Noel said: “We are delighted to have our industry-leading greenhouse gas (GHG) target acknowledged by the science-based targets initiative. The approval reaffirms the ambition of our sustainability programme and our commitment to leading the sector. Reducing energy consumption will be the primary vehicle in achieving our goals.
“We are very pleased to be the first property company to sign up to EP100, ensuring we will increase our energy productivity for the benefit of our customers.”
The London-based firm has committed to reduce both its energy intensity and emissions by 40% per square metre by 2030 in line with the science-based target.
Land Securities has already made significant steps in pushing the sustainability of its operations, committing to 100% renewable power as a member of RE100, the global platform led by The Climate Group in partnership with CDP. According to the latest available data, the company was running on 98% renewables in 2015, through on-site solar PV and direct purchasing from a supplier.
A partnership with facilities management provider NG Bailey has helped to reduce energy usage in the London office portfolio by 13% in three years. The company is also increasing its investment in LED lighting across its retail portfolio, and is working with customers to ensure that all floor space that it lets is of a minimum energy-efficiency rating.
Commenting on today’s announcement, Pedro Faria, member of the science-based targets initiative steering committee from CDP said: “Land Securities is showing great leadership within the global property industry. Besides ensuring it is playing a part in mitigating climate related risk, it is also positioning itself to future-proof growth as the world transitions to a low-carbon economy.
"Companies that have had their science-based targets approved are already experiencing benefits including increased innovation, reduced regulatory uncertainty, strengthened investor confidence and improved profitability and competitiveness.”
Land Securities has ensured that sustainability is at the heart of the design, construction and management of its assets. Among the highlights include the installation of the first hydrogen fuel cell at the BREEAM rated Walkie-Talkie skyscraper in London, which also has roof-mounted solar panels.
The firm has plans to retrofit PV at other key assets, including the White Rose in Leeds, which would create the UK's largest shopping centre solar scheme with an array of over 785kWp which is around 20% of the entire landlord consumption for the site.
The Westgate development in Oxford has a comprehensive plan to be the greenest shopping centre in the UK. The development also aims to be the lowest whole life carbon retail destination with an embodied carbon reduction target of over 25,000 tonnes.