We will transform our portfolio to be net zero carbon by 2030.
To achieve this goal we are focused on reducing our embodied and operational carbon emissions, and have set clear targets for improvement. The Science Based Target initiative has validated that our Scope 1 and 2 target align with a 1.5°C scenario, the most ambitious designation available, and that our Scope 3 (value chain) target is also ambitious.
Reducing embodied carbon
All our developments have achieved net zero embodied carbon at practical completion since April 2020. We will reduce embodied carbon emissions in our office developments by 50% from 2030, to below 500kg CO2e per m². We will achieve this by retaining, reusing and recycling as much as possible, and innovating in the use of sustainable materials.
Reducing operational carbon
We have reduced landlord carbon intensity by 73% across our portfolio since 2009. By 2030, we will reduce whole building carbon intensity by 75% across our portfolio versus 2019. We will achieve this by delivering a step change in energy efficiency, using renewable energy and supporting customers with their sustainability plans.
We established our Transition Vehicle to finance the retrofitting of existing buildings, making them even more efficient. This is funded by an internal carbon levy set initially at £60 per tonne of embodied carbon in our developments. A portion of this is also used to acquire accredited offsets for embodied emissions we cannot eliminate.
Offsetting residual emissions
Where there are residual embodied emissions we are unable to eliminate, we offset these through certified schemes. We prioritise the use of nature-based offset projects.