Landsec has announced the creation of a new Â£ 135 million net zero transition investment plan to help the Group meet its 2030 science goals and drive its transition to net zero.
The move comes two years ahead of the government’s recently announced deadline for companies to publish their path to net zero. The fund will be used to finance a series of initiatives over the next nine years to reduce Landsec’s carbon footprint and spur innovation and best practices across the industry.
Since becoming the first real estate company in the world to have its carbon emissions target approved by the Science Based Targets Initiative in 2016, Landsec has continued to identify and implement a range of technologies and innovations for enable it to support the transition to a low carbon economy. world. This ambition was further reinforced in 2019 when the Group aligned its scientific objectives with the 1.5 degree global warming scenario, targeting a 70% reduction in carbon emissions by 2030 compared to a 2013/14 baseline. .
The Â£ 135million investment program will be used across Landsec’s portfolio. Overall, the program is expected to see 24,000 tonnes of carbon emissions removed from Landsec’s operations, which equates to more than 35,000 return flights from London to New York.
The nine-year investment program will support Landsec’s decarbonization plans by:
Reduce operational energy consumption thanks to:
- Optimizing building management systems, using innovative artificial intelligence technologies
- Engage our customers on energy efficiency to reduce consumption
Switch to cleaner energy sources through:
- Replacement of gas boilers with electrical systems such as air source heat pumps (ASHP).
- Invest in renewable energies, in particular by adding renewable capacities on site thanks to more photovoltaic solar panels
Mark Allan, CEO of Landsec, said: âOur net zero transition investment plan is an important commitment to ensure that Landsec meets its scientific goal of reducing carbon emissions by 70% by 2030.
âWe invest in all of our assets because we want to stay at the forefront of everything the real estate sector is doing to respond to the climate crisis. Through these actions, we will support the current and future needs of our customers, communities and stakeholders while helping them make the transition to a low carbon world.
âNever has it been more important to prioritize carbon reduction programs. The future of the planet depends on companies like ours that drive change – as quickly as possible. “
Along with this investment, Landsec says it remains committed to designing and building net zero buildings with The Forge, its first net zero building, nearing completion in October 2022 having achieved a 25% reduction to date. carbon incorporated from the initial design phase. .
This investment is equivalent to approximately one percent of the value of the portfolio and will allow the Group to stay ahead of future non-national minimum energy efficiency standards (MEES) that require EPC âBâ certification by 2030 as well as other regulatory requirements.
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