LONDON: The UK’s largest listed commercial real estate company, Land Securities, has become the first property business to sign up to The Climate Group’s EP100 campaign, pledging to double its energy productivity within 20 years from 2014 levels.
EP100 is delivered by The Climate Group, in partnership with the Alliance to Save Energy, and brings together the world’s most influential companies to lead the clean energy transition, offering businesses the least-cost decarbonization pathway.
Land Securities is already committed to 100% renewable power as a member of RE100, an initiative of the world’s most influential companies led by The Climate Group in partnership with CDP. The latest available data shows that the company was 98% renewable in 2015, through on-site solar photovoltaics and direct purchasing from a supplier.
RE100 and EP100 are designed to work hand-in-hand to help leading businesses switch to renewables and use energy more productively. Following this dual energy pathway will help Land Securities to progress towards its Science-Based Target to reduce its greenhouse gas (GHG) emissions by 80% by 2050 compared to 2014 levels. It also makes business sense, with benefits including financial savings, increased innovation, and improved competitiveness.
Robert Noel, Chief Executive, Land Securities, said: “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.”
The company is also increasing its investment in LED lighting across its retail portfolio, and is working with customers to ensure that all floor space that it lets is of a minimum energy efficiency rating.
The news was welcomed by Damian Ryan, Acting CEO, The Climate Group: “Already a leader in renewable power, it’s fantastic that Land Securities is going the extra mile by joining our energy productivity campaign. Doing more with less makes good business sense, and enables companies to reap the multiple benefits that come with transitioning to a net-zero economy.”
Pedro Faria, Technical Director, CDP and member of the Science Based Targets initiative steering committee added: “Land Securities is showing great leadership within the global property industry. Besides ensuring it is playing a part in mitigating climate related risk, it is also positioning itself to future-proof growth as the world transitions to a low carbon economy.”
Land Securities has already reduced the energy usage of its London office portfolio by 13% in three years, and has installed one of the largest solar arrays on a shopping center in Europe.
In December last year, Land Securities spoke of its energy journey at a unique RE100 event held in partnership with ‘UK100’ – the UK local authority equivalent of RE100. The company said it welcomed more collaborative working between the private and public sectors to accelerate the shift to a cleaner future.
by Marie Reynolds