Our Greener Spaces pillar includes our commitment to achieve a net zero carbon portfolio by 2030.
In FY23 we have made good progress on our 2030 targets, with both embodied and operational carbon performance improving. Our embodied emissions methodology excludes completed developments but includes all committed and near term schemes in our average calculation. Our TCFD analysis is contained with our annual report and we have committed to BBP's definition of climate resilience: mitigate, adapt and disclose.
Programme level targets
2030 Strategy Indicator |
2030 Target |
FY23 Performance |
---|---|---|
Science Based Target - Reduction in Scope 1 and 2 emissions vs 2020 |
51% |
11% |
Science Based Target - Reduction in Scope 3 emissions intensity vs 2020 |
55% per sqm |
14% |
Embodied carbon targets
2030 Strategy Indicator |
2030 Target |
FY23 Performance |
---|---|---|
50% reduction in embodied emissions (RICS A1-A5) on new construction and major renovation projects vs 2019 industry benchmarks1 |
Offices: 500kg CO2e per sqm |
Offices: 646kg CO2e per sqm |
100% of embodied emissions from completed new construction and major renovation projects (RICS A1-A5) offset using certified carbon offset credits |
100% |
02 |
50% reduction in operational and end-of-life embodied emissions (B1-B5, C1-C4) at new developments vs 2019 industry benchmarks |
Offices: 275kg CO2e per sqm |
To be reported in future years |
Operational carbon targets
2030 Strategy Indicator |
2030 Target |
FY23 Performance |
---|---|---|
75% operational carbon intensity reduction by 2030 vs 2019 baseline
|
75% |
Offices: 40%3,4 |
25% whole building operational energy intensity improvement by 2030 vs 2019 baseline |
25% |
Offices: 22%3,4 |
Whole building operational efficiency for developments |
Offices: 90kWhe per sqm |
To be reported in future years |
Landlord procured electricity from renewable sources |
100% |
88% |
1. Our embodied carbon emissions now excludes developments completed in the year, all committed and near term schemes are included in the calculation. Data for FY22 has been updated from the 2022 Sustainability Accounts to reflect this change.
2. No new construction or major renovation projects completed in FY23 and so there were no embodied emissions to be offset.
3. A significant part of these reductions are due to altered working patterns because of Covid-19. We expect some of these improvements to unwind as office use and occupancy normalises.
4. Office data is reported on a whole building basis aligning with our targets.
5. Shopping Centre data is common parts only, whole building energy data will be reported from FY24.
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