Land Securities receives 'science-based target' approval - a world first for the property industry
2 March 2017
Land Securities is proud to announce that we are now the first property company in the world to have our ‘science-based target’ approved. This means that we now have a clear pathway to deliver our commitment to cut emissions by 80% by 2050 compared to 2014 levels.
By adhering to the strict criteria of the Science Based Targets (SBT) initiative, we have ensured the transformational actions it takes to cut emissions are aligned with current climate science. In addition, we have also become the first property company to sign up to The Climate Group’s EP100 campaign, committing to double our energy productivity within 20 years, from a baseline year of 2014. This means that we are playing our part in limiting global temperature rise as well as future-proofing our growth during the transition to the low-carbon economy.
We have already made significant steps in terms of promoting our energy efficiency and productivity. Our award-winning partnership with facilities management provider NG Bailey has helped us to reduce energy usage in our London office portfolio by 13% in 3 years. We have also increased our investment in LED lighting and solar PV across the Retail portfolio.
Robert Noel, Land Securities’ Chief Executive, 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.”
About the Science Based Targets Initiative:
The Science Based Targets initiative champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC) and one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.”