TIDMLAND
Land Securities Group PLC
16 November 2021
Land Securities Group PLC ("Landsec")
16 November 2021
Landsec to invest GBP135m to significantly decarbonise its
portfolio by 2030
Landsec has today announced the creation of a new GBP135m net
zero transition investment plan to help the Group achieve its 2030
science-based targets and drive its transition to net zero.
The move comes two years ahead of the Government's recently
announced deadline for corporates to publish their pathway to net
zero*. The fund will be used to finance a series of initiatives
over the coming nine years to reduce Landsec's carbon footprint and
drive innovation and best practice across the wider industry.
Since becoming the first real estate company in the world to
have its carbon emission target approved by the Science Based
Targets Initiative in 2016, Landsec has continued to identify and
implement a range of technologies and innovations to enable it to
support a transition to a low carbon world. This ambition was
further increased in 2019 when the Group aligned its science-based
targets with the 1.5 degrees global warming scenario - targeting a
70% reduction in carbon emissions by 2030 compared with a 2013/14
baseline.
The GBP135m investment programme will be used across Landsec's
entire portfolio. It is expected that overall the programme will
see 24,000 tonnes of carbon emissions removed from Landsec's
operations - equivalent to over 35,000 return flights from London
to New York.
The nine-year investment programme will support Landsec's
decarbonisation plans by:
-- Reducing operational energy use through:
o Optimising building management systems, using innovative
Artificial Intelligence technologies
o Engaging our customers on energy efficiency to drive down
consumption
-- Moving to cleaner sources of energy through:
o Replacing gas-fired boilers with electric systems such as Air
Source Heat Pumps (ASHP).
o Investing in renewable energy including adding onsite
renewable capacity through more solar PV panels
Mark Allan, Landsec CEO said: " Our net zero transition
investment plan is a significant commitment to ensure that Landsec
delivers against its science-based target to reduce carbon
emissions by 70% by 2030.
We're investing across our entire estate because we want to
remain at the forefront of everything the property sector is doing
to respond to the climate crisis. Through these actions, we'll be
supporting the current and future needs of our customers,
communities and stakeholders as we help them transition to a low
carbon world.
Never has it been more important to prioritise carbon reduction
programmes. The future of the planet depends on businesses like
ours driving forward change - as quickly as we can."
The built environment is estimated to represent c.40% of total
carbon emissions globally. Experts agree that reducing this to
achieve the planet's goal of limiting warming to 1.5 degrees by
2050 will require significant innovation, collaboration and
financing. Actions are required to reduce emissions embodied in
buildings through construction and materials as well as in
eliminating the carbon emissions associated with energy and other
operational requirements.
Alongside this investment, Landsec remain committed to designing
and building net zero buildings with The Forge, its first net zero
building, on track to complete in October 2022 having achieved to
date a 25% reduction in embodied carbon from the initial design
stage.
This investment equates to approximately 1% of portfolio value
and will enable the Group to stay ahead of the future non-domestic
Minimum Energy Efficiency Standards (MEES) which require an EPC 'B'
certification by 2030 as well as other regulatory requirements.
With increasingly clear evidence of stronger sustainability
credentials underpinning stronger operational performance, it is
not only essential from an environmental perspective but an
economic one too.
END
Notes to Editors
* Earlier this month, the Chancellor, Rishi Sunak, set out that
by 2023 all UK listed businesses will be required to provide
detailed public plans for how they will support a transition to a
low-carbon future, in line with the UK Government's 2050 net-zero
target.
In 2020, Landsec published its Net Zero Carbon Pathway which set
out plans to:
1. Reduce operational energy use in support of our updated
science-based carbon reduction target, aligned with a 1.5degC
scenario
2. Invest in renewable energy through REGO-backed contracts and
Power Purchase Agreements and implement on-site renewables across
our assets
3. Use an internal shadow price of carbon to clearly communicate
climate-related risks and opportunities in investment decisions
4. Reduce construction impacts through asset retention,
efficient design and responsible sourcing of low-carbon
materials
5. Offset remaining emissions through carefully selected
projects which actively take carbon out of the atmosphere
The net zero transition implementation plan announced today will
provide the funding to deliver this strategy and support Landsec to
reach its target to reduce its carbon emissions by 70% by 2030 from
a 2013/14 baseline.
About Landsec
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP11 billion portfolio of retail, leisure,
workspace and residential hubs. Landsec is shaping a better future
by leading our industry on environmental and social sustainability
while delivering value for our shareholders, great experiences for
our guests and positive change for our communities.
Find out more at landsec.com
Please contact:
Press Investors
Sara Doggett Edward Thacker
Landsec Landsec
+44 (0)7834 431258 +44 (0) 7887 825869
sara.doggett@ landsec.com edward.thacker@landsec.com
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END
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