Land Securities is the first property company in the world to have its ambitious greenhouse gas reduction target approved
2 March 2017
Land Securities, the UK’s largest listed commercial real estate company, announces today that it’s ‘science-based target’ has been approved, meaning the company now has a clear pathway for its commitment to cut emissions by 80% by 2050 compared to 2014 levels.
Land Securities has committed to reduce GHG emissions 40% per square metre by 2030, from a 2014 base-year (scope 1, scope 2 and a portion of scope 3 emissions from downstream leased assets). This will set the company on the path to accomplish an 80% carbon intensity reduction by 2050 from the same base-year. To achieve these emissions reductions, the company has set a specific target of reducing energy intensity by 40% by 2030 in line with the science-based target.
By adhering to the strict criteria of the Science Based Targets (SBT) initiative, Land Securities has ensured the transformational actions it takes to cut emissions are aligned with current climate science.
Land Securities has also become the first property company to sign up to The Climate Group’s EP100 campaign, committing to double its energy productivity within 20 years, from a baseline year of 2014. The company is playing its part in limiting global temperature rise as well as future-proofing its growth during the transition to the low-carbon economy.
Land Securities has already made significant steps in promoting energy efficiency and productivity. An award-winning partnership with facilities management provider NG Bailey has helped to reduce energy usage in the London office portfolio by 13% in 3 years. In addition, the company is increasing its investment in LED lighting and solar PV across the Retail portfolio.
In addition, the company commits to reducing greenhouse gas emissions across the value chain by engaging with key contractors to set ambitious targets and working with customers to ensure all floor space let is of a minimum energy efficiency rating.
Robert Noel, Chief Executive of Land Securities, said: “We are delighted to have our industry-leading 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.”
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.”
Damian Ryan, Acting Chief Executive, The Climate Group said: “We are pleased that Land Securities is demonstrating bold and ambitious leadership by joining EP100 and committing to double energy productivity. Energy productivity is about getting more economic output from each unit of energy. Doing more with less makes good business sense, and enables companies to reap the multiple benefits that comes with transitioning to a net zero economy.”