Our commitment: Assess and mitigate site-specific climate change adaptation risks that are material across our portfolio.
Progress: This is a new commitment and we will be commissioning a study this year to assess these risks.
Climate change is affecting our business today. Warmer temperatures, higher rainfall and more variable weather are putting new pressures on our buildings. But nobody really understands how these things might affect businesses in the long term.
What we’ve achieved
We’ve set a new commitment to identify, assess and mitigate site-specific climate change adaptation risks that are material across our portfolio. For example, all our new developments involve flood-risk assessments, and we include measures in the design to protect against flooding. Going forward, we will look at measures such as introducing trees and green space to soak up extra rainfall.
We’re also starting to look at resilience in a wider sense. For instance, thanks to driverless cars, our properties may need fewer parking spaces in 20 or 30 years’ time. So we need to build car parks that can be adapted when they’re no longer needed.
Resilience is becoming a major consideration for businesses with impact on insurance, valuation and rents already starting to show in many countries. Landsec are leading the way by committing to protecting their properties and customers from the impacts of climate change as these risks become more apparent."
Head of GB Risk Management, Willis Towers Watson