Sustainability Consulting
Landsec, Sustainability
Full Credential Description
Landsec, the largest commercial property company in the UK, faced the challenge of establishing a robust sustainability strategy amid increasing investor scrutiny regarding climate change. In late 2015, the company recognized the need to set a science-based target for carbon reduction, as they previously lacked a comprehensive carbon reduction strategy beyond a 15% energy consumption reduction target for their top five buildings by 2020, which they achieved four years early.
To address this, Landsec appointed a new Head of Sustainability, Caroline Hill, who advocated for the establishment of a science-based target. The company engaged with the Science Based Targets initiative and the Carbon Trust to develop a target using the Sectoral Decarbonization Approach. This collaboration was a first for both Landsec and the Carbon Trust, and it involved extensive internal consultations to secure buy-in from various stakeholders. However, the initial submission of their target was rejected due to insufficient data on Scope 3 emissions, which are critical for understanding the full impact of their operations. This setback led to a comprehensive assessment of these emissions, ultimately resulting in the approval of their target in December 2016.
As a result of setting a science-based target, Landsec committed to reducing greenhouse gas emissions by 40% per square meter by 2030 from a 2014 baseline, with a long-term goal of an 80% reduction by 2050. They also pledged to engage main contractors to set their own science-based targets by 2023 and to ensure that all leased floor areas achieve a minimum energy efficiency rating of E by 2023. This strategic shift has not only positioned Landsec as a leader in sustainability within the real estate sector but has also enhanced their reputation with investors, making them a more attractive long-term investment. The company has seen increased interest from investors regarding their sustainability initiatives, indicating a positive shift in their market perception and compliance with potential future regulations.