The UK’s largest property company by asset, British Land PCL, is setting an example by promising to become carbon neutral by 2008/2009. British Land PLC outlined its plan of reducing energy and carbon emissions in all of its rental properties in its Corporate Responsibility Report.
The chief executive of British Land, Stephen Hester, said: “We are taking an activist approach, stepping up existing efforts and aim to lead the market in developing and managing buildings in a sustainable manner.” and “By financing, developing and managing properties that responsibly utilise energy, water and waste, we conserve the world’s resources and can also reduce our costs and those of our occupiers.”
Their Corporate Responsibility Report outlines the companies strategy to become carbon neutral in three major elements:
1)Reduction of the carbon content of energy supply.
2)Installing turbines and solar panels and investing in combined heat, power and cooling sources;
3)Continued management and reduction of direct emissions
4)Carbon credit off-setting
In 2006, British Land PLC was able to reduced their entire portfolio’s carbon emissions by 4% and water by 16%. One of British Land’s largest assets, Meadowhall Shopping Centre, reduced their energy consumption by 11%. The Corporate Responsibility Report sets ambitious goals for 2007 in areas such as waste management, biodiversity, and community involvement.
The company is Britain’s biggest retail landlord with 50% of their portfolio invested in commercial property. Their entire portfolio was valued at £16.4 billion in 2006, making it one of the largest property development and investment companies in the United Kingdom.
British Land has always had an environmental agenda but they are now accelerating their policy to become carbon neutral sooner. They are using their special position of influence in the UK to advancing the cause of sustainability and set an example for all property owners to follow.
The Company will work in close partnership with customers and suppliers to help them to reduce their energy usage. Using new technology and educating people on ways to increasing the use of renewable energy, maximise energy efficiency, and off-setting carbon as the last step in achieving carbon neutrality.
The Corporate Responsibility Report outlined its future goals:
o 201 Bishopsgate and the Broadgate Tower wiil exceed BREEAM rating of ‘Excellent’ by 29%.
o British Land is making their head offices more eco-friendly by adding cycle racks, shower facilities, recycling initiatives and only Forest Stewardship Council certified timber throughout the building. The total cost for all of the refurbishments will cost over £500,000.
o Blythe Valley Park project has created 4,000 new permanent jobs; mare than 1,000 new homes will be built at Regents Place; and over £100,000 has been invested in the design at the Euston Road underpass.
o Meadowhall Shopping Center won a Business in the Community award for energy efficiency, waste management and
o Investments in education, the arts and sports total over £658,000 .
o Employees time given to volunteering is estimated at nearly £300,000.
o In future, the companies Financial Reporting will be integrated with the Corporate Responsibility
Reporting. The reports will be available online in order to reducing printing and paper use.