Landlord aims to transform property portfolio

Property giant British Land is to transform the entire portfolio of its estate to net zero carbon – including developments – by 2030.

The company, which manages a property portfolio worth £14.8bn, will create a Transition Fund to drive operational progress and finance the retrofitting of the standing portfolio. It has also committed to roll-out the successful place-based approach to social contribution across the portfolio.

As part of the drive to a net-zero carbon portfolio – including development activity by 2030 – British Land will aim for a 50 per cent reduction target in embodied carbon and a further 75 per cent reduction in operational carbon intensity against new 2019 baselines. In addition, from this year all developments delivered to be net zero embodied carbon.
The company intends to prioritise retro-fit over new build by means of a bespoke Transition Fund resourced by an internal fee of £60 per tonne of carbon, levied on new developments.

Claimed to be the first of its kind, the fund will accelerate the path to net zero by driving innovation in development, financing the retrofit of the standing portfolio, and supporting customers in transforming their own space to reduce emissions.

The strategy follows the conclusion of a successful five-year programme for British Land, achieving a 55 per cent reduction in energy intensity and 73 per cent reduction in carbon intensity versus its 2009 baselines, in addition to a 16 per cent reduction in embodied carbon emissions.