Sustainability Consulting
Science Based Targets Partner Sustainability
Full Credential Description
Landsec, the largest commercial property company in the UK, faced the challenge of establishing a robust sustainability strategy amidst 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 sought to set 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 process involved internal workshops to foster buy-in and identify leadership opportunities, ultimately leading to the development of a target that was submitted for approval. However, the initial submission was rejected due to insufficient data on Scope 3 emissions, which encompass emissions from building development and usage. This setback prompted Landsec to conduct a comprehensive Scope 3 assessment, which proved beneficial in understanding their impact and refining their target.
The final approved target commits Landsec to a 40% reduction in greenhouse gas emissions per square meter by 2030 from a 2014 baseline, with a long-term goal of an 80% reduction by 2050. Additionally, the company aims to engage main contractors to set their own science-based targets by 2023 and ensure that all leased floor areas achieve a minimum energy efficiency rating of E by 2023.
As a result of setting this science-based target, Landsec has enhanced its reputation and relationship with investors, positioning itself as a leader in sustainability within the real estate sector. The approval of their target has attracted interest from investors, some of whom are considering setting their own science-based targets. Furthermore, Landsec's proactive approach to sustainability has aligned them with government regulations and positioned them favorably for future compliance, demonstrating leadership in the industry and setting a precedent for others to follow.