RVBA-BLNDReal Estate & REITs

British Land — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (3/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news

No ESG-relevant news ingested yet for this company. Run python -m pipeline.news_gdelt to backfill. Sourced from GDELT 2.0 (3-month trailing window).

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

annual report ↗

Governance

board diversity pct	36%
esg linked executive pay yn	1binary

Events 2025· 8

Joint venture with Modon Holding to deliver 2 Finsbury Avenue completed in 4 weeks

British Land completed a joint venture with Modon Holding to deliver 2 Finsbury Avenue, taking only 4 weeks to complete.

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£301m equity raise completed in 2 weeks

British Land completed a £301m equity raise in just 2 weeks during FY25.

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Retained GRESB 5* rating

British Land retained its GRESB 5* rating for sustainability performance, demonstrating leadership in delivering low-carbon real estate.

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Circular economy report published

The ESG Committee approved the publication of a report on British Land's approach to the circular economy, recognising the importance of informing the industry about best practices in reusing materials.

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Primary: Transition Vehicle for energy and carbon targets

British Land uses a dedicated 'Transition Vehicle' as a key mechanism for delivering its energy and carbon targets. The ESG Committee receives regular updates on this vehicle, which is central to the Greener Spaces pillar of the 2030 Sustainability Strategy. The Committee focuses on objectives set and performance against relevant targets under this pillar.

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Primary: Embodied carbon reduction in office developments

British Land tracks and targets the reduction of average embodied carbon intensity across committed, near and medium-term office developments. Progress on this metric was noted by the ESG Committee as a significant achievement in FY25 under the Greener Spaces pillar of the 2030 Sustainability Strategy.

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Dependent: Sustainability accreditations to drive low-carbon real estate

British Land pursues leading sustainability accreditations, including the GRESB 5* rating, to demonstrate its position as a leader in delivering the low-carbon real estate its customers demand. The Committee agreed to prioritise accreditations of strategic importance and value, acknowledging the significant business impact of meeting increasing reporting criteria.

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Social Mobility Foundation Index Top 75 – seventh consecutive year

For the seventh consecutive year, British Land was listed in the Social Mobility Foundation Index Top 75, reaffirming commitment to recognising talent irrespective of social background.

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2024

annual report ↗cdp response ↗

Climate · carbon footprint (tCO2e)

Scope 1	5,923
Scope 2 (market-based)	1,555
Scope 3	131,451
Cat 1 · Purchased goods	15,533
Cat 2 · Capital goods	25,546
Cat 3 · Fuel + energy	5,428
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	291
Cat 6 · Business travel	221
Cat 7 · Employee commuting	71
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	1.2M
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 13 · Downstream leased	84,184
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	138,929
Offsets retired	(92,953)
Net carbon footprint	45,976

Energy (kWh)

Electricity	62.9M
Fuel (stationary + mobile)	32.2M
Total energy	96M
Renewable energy	(84.4M)
Non-renewable / hydrocarbon	11.5M
Renewable electricity %	94%

Governance

internal carbon price usd per tco2eⓘ	60GBP per tCO2e
audit assurance climate levelⓘ	1level (0=none,1=limited,2=reasonable)
board diversity pct	50% female
esg linked executive pay yn	1binary

P&L highlights (USD)

Headcount (FTE)	634people
Revenue	575M

Events 2024· 26

Retail occupier-procured energy incorporated into portfolio-wide intensities for first time

From FY23, British Land obtained retail occupier-procured unit-level energy data covering ~205 MWh additional consumption (60% of managed portfolio total). In FY24 this dataset was fully incorporated into portfolio-wide carbon and energy intensity targets using data indexing methodology vs FY19 baseline.

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Achieved Living Wage Employer accreditation across entire managed portfolio

In August 2023, British Land achieved Living Wage Employer accreditation across its whole portfolio including retail assets, committing to paying real Living Wages to all people working at its places on its behalf.

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Primary: Embodied carbon reduction in office developments via design efficiency and low-carbon materials

British Land targets below 500 kg CO2e/sqm embodied carbon intensity for office developments by 2030, from an FY19 baseline of 1,000 kg. In FY24, current office developments averaged 625 kg CO2e/sqm (FY23: 646). Key levers include structural retention and reuse (e.g. 75% by weight at 1 Appold Street), lean design, electric arc furnace (EAF) steel, REGO-certified XCarb steel, renewable-energy aluminium façades, and basalt reinforcement. A Low Carbon Materials Working Group and Carbon Primer guide specification decisions. Materials passports are being rolled out across major developments.

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Dependent: NABERS Design for Performance adoption targeting 5-star whole-building operational efficiency

British Land is adopting NABERS UK Design for Performance (DfP) on all office developments to ensure accurate energy performance prediction, targeting 5-star NABERS and 90 kWhe/sqm whole-building operational efficiency in line with UKGBC 2030 targets. In FY23, 1 Broadgate became the first UK building formally registered for NABERS DfP (5 stars target). In FY24, five developments underwent NABERS design reviews and 3 Sheldon Square received a 4.5-star DfP certificate. An internal NABERS Working Group with Verco develops bespoke implementation guidance.

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Embodied carbon in-use (B1-B5) reporting expanded to include M&E replacements

In FY24, British Land widened the scope of operational embodied carbon reporting (RICS B1-B5) to include landlord-controlled retrofitting projects including mechanical & electrical replacements, in addition to the benchmark-based portfolio estimate.

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First reporting of Scope 3 downstream-leased tenant energy on whole-portfolio basis

For the first time British Land reported whole-building portfolio carbon and energy intensities including retail occupier-procured (Scope 3 downstream-leased) energy for both FY23 and FY24, providing two consecutive years of comparable data.

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Primary: LED lighting upgrades and smart building digitalisation to reduce landlord operational energy

Across retail and office assets, British Land is rolling out 100% LED lighting in landlord areas (e.g. Glasgow Fort, Serpentine Green, Broughton Shopping Park) combined with responsive control systems. The My Building smart platform (IoT-based) enables occupancy-driven HVAC and lighting scheduling; a pilot at Storey, 100 Liverpool Street achieved 35% HVAC savings and 25% lighting savings since September 2022. Voltage optimisation was trialled at St Stephen's, Hull, saving 9,618 kWh since September 2023.

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REGO-backed electricity procurement plus on-site solar PV portfolio expansion

British Land currently procures 100% REGO-backed renewable electricity for landlord-controlled common parts and leased office space (94% achieved in FY24 vs 100% RE100 target by FY2030), sourced from a mix of wind, solar, and hydroelectric generation. On-site solar PV capacity stands at 2 MWp across 11 managed assets, generating 1,772 MWh in FY23/24 and saving 367 tCO2e. Feasibility studies for three additional retail sites identified ~3,900 MWh potential year-1 output. The firm is also investigating Power Purchase Agreements with UK-based renewable generators and modelled a PPA 'sleeving' approach for future procurement. From FY25, British Land has moved to an energy purchasing strategy that directly matches consumption with the specific renewable energy asset being procured from (granular energy).

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Certified carbon credits used to offset residual embodied carbon at practical completion

British Land offsets residual embodied carbon (RICS A1-A5) from all committed developments using certified VCS carbon credits, retired at or shortly after practical completion. In FY24, 81% of embodied carbon from completed projects was offset. Credits retired in FY24 included removal projects (Community Reforestation in Ghana, Delta Blue Carbon in Pakistan) and avoidance projects (Kasigau REDD+, Katingan Peatland, Rimba Raya). 93% of the committed pipeline's embodied carbon has been pre-purchased. British Land reviews its carbon credit strategy annually and has incorporated enhanced due diligence criteria; it also joined an industry-level offsetting procurement guidelines working group.

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RE100 signatory; REGO/RGGO procurement; on-site solar PV expansion and PPA investigation

British Land is a signatory to RE100, committing to 100% renewable energy procurement. In FY24, 94% of purchased electricity was REGO-backed and 77% of natural gas was RGGO-backed, achieving 90% renewable energy across total energy use. The company holds 2 MWp of on-site solar capacity generating 1,772 MWh in FY24. It is advancing retail park rooftop solar pilots in Swindon and Orpington and investigating PPAs. Retail parks hold ~200,000 sqm of rooftop solar potential, representing ~36 MWp if unlocked. From April 2024, British Land is trialling hourly time-matching of electricity demand with renewable generation to support the transition to 24/7 carbon-free electricity.

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see 16 more events →

2023

cdp response ↗sustainability report ↗cdp response ↗cdp response ↗

Climate · carbon footprint (tCO2e)

Scope 1	8,025
Scope 2 (market-based)	3,686
Scope 3	130,625
Cat 1 · Purchased goods	15,698
Cat 2 · Capital goods	0
Cat 3 · Fuel + energy	5,598
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	211
Cat 6 · Business travel	236
Cat 7 · Employee commuting	68
Cat 9 · Downstream transport	1M
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	108,643
Gross carbon footprint	142,336
Offsets retired	(35,451)
of which durable removals	(35,451)
Net carbon footprint	106,885

Energy (kWh)

Electricity	61.4M
Fuel (stationary + mobile)	37.5M
Total energy	100M
Renewable energy	(86M)
Non-renewable / hydrocarbon	14M
Renewable electricity %	88%

Nature

waste generated t	14,209tonnes
waste hazardous t	20tonnes
water withdrawal m3	751,509m3
waste landfill t	5tonnes
waste recycled t	9,063tonnes

Social

workforce board female pct	40%
ethnicity minority pct	16%
h s fatalities	0count
workforce management female pct	35%
gender pay gap median pct	22%
employee turnover pct	17%
workforce female pct	49%
gender pay gap mean pct	28%
training hours per employee	11hours
community investment amount	2.3MGBP

Governance

internal carbon price usd per tco2eⓘ	60GBP per tCO2e
board diversity pct	40% female
esg linked executive pay yn	1boolean
audit assurance climate levelⓘ	1level

P&L highlights (USD)

Headcount (FTE)	641people
Revenue	418M

Events 2023· 36

£200,000 Cost of Living Fund committed

In November 2022 British Land committed over £200,000 to a dedicated Cost of Living Fund, with £25,000 pledges to Trussell Trust and Shelter's hardship fund.

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Reclassified in-use embodied carbon to Scope 3 Cat 1

To align with SBTi targets, operational embodied carbon of managed portfolio reclassified from Capital Goods (Cat 2) to Purchased Goods & Services (Cat 1).

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1 Broadgate achieves 5-star NABERS Design for Performance target rating

1 Broadgate is the first British Land building to achieve 5-star NABERS Design for Performance target rating. New committed office developments target NABERS DfP 5 star rating.

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Whole building retail data to be reported from FY24

Retail data currently common parts only; whole building retail data will be reported from FY24, expanding disclosure scope.

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REGO-backed electricity + PPAs under exploration

In FY23, 88% of landlord procured electricity was from renewable sources (REGOs), down from 93% in FY22 due to onboarding of new assets requiring tariff transfer. 90% of natural gas was RGGO-backed. British Land is exploring UK-based Power Purchase Agreements (PPAs), though market volatility makes them challenging. Portfolio-wide solar feasibility study completed; two pilot sites selected for rooftop solar panels, exploring solar car port at a third site. At 1 Broadgate, 100% REGO-backed electricity is purchased for on-site consumption and construction vehicles.

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£25m Social Impact Fund committed by 2030

In February, British Land committed to a £25m Social Impact Fund by 2030, comprising at least £15m cash contributions and £10m of affordable space. New 2030 education (80,000 beneficiaries) and employment (10,000) targets set.

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Rolled out occupier-procured energy data collection in retail let space

In FY23 British Land rolled out a solution to obtain occupier-procured energy consumption data in retail let space. Full year consumption data received for 51 out of 53 managed retail assets (c. 2,000 units). Improves accuracy of downstream leased Scope 3 reporting.

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Joined ConcreteZero and SteelZero pledges

British Land signed up to the ConcreteZero and SteelZero pledges, committing to net zero concrete and steel by 2050.

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17.5% ethnic minority representation target by 2025

Updated target to achieve 17.5% ethnic minority representation across the Company by 2025, with a 20% stretch target. Maintains commitment to at least two Directors from ethnic minority background.

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Embodied carbon methodology updated to exclude completed developments

Embodied carbon emissions methodology now excludes developments completed in the year; all committed and near term schemes are included in the calculation. FY22 data restated to reflect this change.

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2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	6,953
Scope 2 (market-based)	1,423
Scope 3	156,415
Cat 1 · Purchased goods	15,762
Cat 2 · Capital goods	20,565
Cat 3 · Fuel + energy	5,991
Cat 5 · Waste in operations	243
Cat 6 · Business travel	41
Cat 7 · Employee commuting	248
Cat 9 · Downstream transport	1.1M
Cat 13 · Downstream leased	113,691
Gross carbon footprint	164,791
Offsets retired	(35,451)
Net carbon footprint	129,340

Energy (kWh)

Electricity	127M
Fuel (stationary + mobile)	38.6M
Total energy	165.5M
Renewable energy	(1.7M)
Non-renewable / hydrocarbon	163.8M
Renewable electricity %	93%

Nature

waste generated t	12,272tonnes
water withdrawal m3	730,822m3
waste landfill t	5tonnes
waste hazardous t	22tonnes
waste recycled t	6,992tonnes

Social

workforce board female pct	36%
community investment amount	1.9MGBP
employee turnover pct	15%
training hours per employee	13hours
gender pay gap median pct	19%
workforce management female pct	37%
ethnicity minority pct	13%
h s fatalities	0count
workforce female pct	49%
gender pay gap mean pct	24%

Governance

board diversity pct	36%
internal carbon price usd per tco2eⓘ	60GBP per tonne
audit assurance climate levelⓘ	1level

P&L highlights (USD)

Headcount (FTE)	618people
Revenue	—

Events 2022· 16

Nature-based offsets for residual embodied carbon (afforestation/reforestation)

British Land prioritises re-use of existing materials to minimise embodied carbon. Residual embodied carbon at developments is offset through certified nature-based credits, prioritising projects that also support biodiversity and local communities. 1 Triton Square was offset through (1) teak afforestation in Chiapas, Nayarit and Tabasco, Mexico (4,270 ha, ~390,000 tCO2e/yr), (2) community reforestation in Ghana with indigenous trees in riparian buffer zones, and (3) UK Forest Creation supporting planting of 23,000 trees via the Woodland Carbon Code. From 2030, will offset residual operational carbon. Cumulative offsets retired: 35,451 tonnes by FY22.

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Primary: Embodied carbon reduction in new developments

Target 50% reduction in embodied emissions (RICS A1-A5) vs 2019 benchmarks — Offices to 500kg CO2e/sqm, Retail/Residential to 450kg CO2e/sqm by 2030. Average embodied carbon in office development pipeline was 632 kg CO2e/sqm in FY22. Uses One Click LCA software across all developments. Piloting low-carbon materials including GGBS cement replacement (40% at Norton Folgate), post-tensioned concrete, cross-laminated timber, electric arc furnace steel at Canada Water A1. 100% FSC wood targeted. Material reuse at Norton Folgate retained ~80% of floors and most timber joists.

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Completed second net zero carbon development at 1 Triton Square

Embodied carbon at 1 Triton Square was 436 kg CO2e per sqm, below 2030 target, offset through certified schemes including teak afforestation in Mexico and community reforestation in Ghana.

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Third year of DNV as assurance partner

DNV provides limited assurance over selected sustainability data. Previous nine years of assurance was undertaken by PwC.

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Dependent: Tenant (downstream leased) energy engagement

Operational carbon reduction depends on tenant engagement. Liaising with key customers to understand their energy reduction plans and investigate joint initiatives. Integrating energy and carbon clauses into new and renewed leases, including access to energy data where procured directly by tenants. Exploring green leases, building charters and efficiency incentives. Implementing energy monitoring procedures for retail and leisure units (currently estimated for occupier-procured energy). From 2030 will offset residual operational carbon across the portfolio.

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93% renewable electricity via REGOs; on-site solar + offsite PPA pipeline

In 2022, 93% of purchased electricity was backed by Renewable Energy Guarantees of Origin (REGOs), down from 98% in 2021 due to onboarding new assets requiring tariff transition. 85% of purchased gas backed by RGGOs (renewable gas). On-site solar PV at 1 Triton Square, 100 Liverpool Street, 6 Orsman Road, 10 Portman Square, 20 Triton Street and several retail sites (Whiteley, St Stephen's, Meadowhall) generated 1,731 MWh. 2MW of on-site renewable capacity across portfolio (half at Meadowhall). Investigating UK-based Power Purchasing Agreement structures and committed to delivering first substantive volume of 'additional' renewable power by 2025.

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FY2022 Scope 1 and 2 restated to include Residential properties

2022 Scope 1 and Scope 2 numbers have been restated to include the GHG emissions associated with energy consumption in British Land's Residential properties.

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Added homeworking emissions to Scope 3

Emissions from employees working from home have been added to Scope 3 reporting due to Covid-19 impact on commuting patterns.

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Launched Diversity, Equality & Inclusion Strategy 2030

Launched DE&I Strategy aligned with UN SDGs, committing to improve diversity, equality and inclusivity by 2030.

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Primary: Standing portfolio energy efficiency retrofits

Completed 29 net zero audits covering major assets (90% of landlord procured power), identifying interventions to deliver 25% improvement in whole building energy efficiency by 2030 vs 2019. At Exchange House, planned interventions (~£2.5m, <1% of building value) including LED lighting, heat pump replacement, chiller optimisation, CO2 ventilation controls expected to deliver ~50% energy efficiency improvement. Total retrofit cost across portfolio estimated ~£100m with two-thirds funded through service charge or directly by occupiers. EPC ratings to be raised to A or B by 2030 ahead of expected MEES legislation.

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see 6 more events →

2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	6,663
Scope 2 (market-based)	839
Scope 3	130,114
Cat 1 · Purchased goods	15,834
Cat 2 · Capital goods	28,180
Cat 3 · Fuel + energy	4,186
Cat 5 · Waste in operations	126
Cat 6 · Business travel	1
Cat 7 · Employee commuting	418
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	80,686
Gross carbon footprint	137,616
Offsets retired	(13,149)
Net carbon footprint	124,467

Energy (kWh)

Electricity	123.3M
Fuel (stationary + mobile)	38.1M
Total energy	161.4M
Renewable energy	(1.9M)
Non-renewable / hydrocarbon	159.5M
Renewable electricity %	98%

Nature

waste hazardous t	51tonnes
waste generated t	6,068tonnes
waste landfill t	1tonnes
waste recycled t	2,698tonnes
water withdrawal m3	658,932m3

Social

h s fatalities	0count
gender pay gap mean pct	25%
gender pay gap median pct	28%
employee turnover pct	11%
training hours per employee	16hours
community investment amount	1.6MGBP
workforce female pct	50%
ethnicity minority pct	12%
workforce board female pct	44%
workforce management female pct	40%

Governance

audit assurance climate levelⓘ	1level
esg linked executive pay yn	1yn
internal carbon price usd per tco2eⓘ	60GBP per tCO2e

P&L highlights (USD)

Headcount (FTE)	613people
Revenue	—

Events 2021· 22

SBTi-validated Scope 1&2 absolute reduction target: 51% by FY2030 vs FY2020

British Land received SBTi approval on 03/08/2021 for an absolute Scope 1 and 2 GHG reduction target of 51% by FY2030 from a FY2020 base year (22,318 tCO2e). Target is 1.5°C aligned. Base year S1: 6,945 tCO2e; S2 location: 15,373 tCO2e. Coverage excludes FRI leases and current residential not under BL operational control.

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Primary: Whole building energy efficiency retrofits

25% improvement in whole building energy intensity by 2030 vs 2019. Six net zero carbon asset audits piloted at 3 retail and 3 office assets. Transition Vehicle allocated £5.8m to date, including LED lighting upgrades at Regent's Place (£140,000 investment, 100 tonnes/year carbon saving, £50,000/year tenant savings) and at Glasgow Fort and Fort Kinnaird (200+ tonnes saved).

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Dependent: Tenant/occupier energy decarbonisation

Downstream leased assets (Scope 3 Cat 13) dominate Scope 3 at ~81 ktCO2e in FY21. Approach: NABERS UK Design for Performance methodology adopted at 1 Broadgate targeting 5.5* rating; smart meter rollout (200 meters at 100 Liverpool St); BREEAM In Use certifications across 30 standing assets over next two years; new developments designed all-electric where possible.

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SBTi-validated net zero pathway with 2030 target

Science Based Targets initiative validated British Land's carbon reduction targets in 2021, including 51% reduction in Scope 1+2 vs 2020 baseline and 55% per sqm Scope 3 intensity reduction by 2030. Committed to net zero carbon portfolio by 2030.

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SBTi validation of 1.5°C-aligned targets

British Land's Scope 1, 2, and 3 targets validated by SBTi as aligned to 1.5°C global warming scenario in 2021. Targets valid until 2026. Scope 1+2: 51% reduction vs 2020; Scope 3 intensity: 55% per sqm vs 2020.

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Net zero carbon portfolio by 2030

Published Pathway to Net Zero detailing embodied + operational carbon roadmap. 50% reduction in embodied carbon and 75% reduction in operational carbon intensity by 2030 vs 2019.

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DNV second year as assurance provider

DNV provides limited assurance per ISAE 3000 (Revised). Previously nine years with PwC.

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Working-from-home replaces commuting

Emissions from employees working from home reported for 2021 in place of employee commuting due to Covid-19.

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Transition Vehicle launched

Internal financing vehicle for retrofitting standing portfolio, funded by £60/tonne internal carbon levy on embodied carbon plus £5m annual float.

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First net zero carbon development completed

100 Liverpool Street completed as first net zero carbon development, embodied carbon 389 kg CO2e/sqm, BREEAM Outstanding.

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see 12 more events →

2020

Climate · carbon footprint (tCO2e)

Scope 1	6,945
Scope 2 (market-based)	669
Scope 3	161,191
Cat 1 · Purchased goods	13,872
Cat 2 · Capital goods	17,505
Cat 3 · Fuel + energy	4,872
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	351
Cat 6 · Business travel	200
Cat 7 · Employee commuting	104
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	1M
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	138,163
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	168,805
Net carbon footprint	168,805

Energy (kWh)

Electricity	151.5M
Fuel (stationary + mobile)	37.3M
Total energy	188.8M
Renewable electricity %	97%

Nature

waste hazardous t	9tonnes
water withdrawal m3	814,658m3
waste generated t	17,434tonnes

Social

gender pay gap mean pct	29%
training hours per employee	24hours
gender pay gap median pct	28%
h s fatalities	2count
workforce board female pct	30%
employee turnover pct	12%
workforce management female pct	36%
community investment amount	2.2MGBP
workforce female pct	51%

P&L highlights (USD)

Headcount (FTE)	611people
Revenue	96M
Cost of revenue	(34.3M)
Gross profit	61.7M
Operating expenses (S&M + G&A)	(137M)
Operating income	-75.3M
Net income	-74.6M

Balance sheet highlights (USD)

Property, plant & equipment	17.3M
Total assets	215.7M
Total debt	0
Cash & equivalents	41.1M
Minority interest	0

Market & shares

Market cap (FY-end)	4.6B
Shares outstanding	219.6M

Events 2020· 10

SBTi-approved whole-building intensity target covering Scope 1/2/3 (75% reduction per sqm by 2030 vs 2019 baseline)

British Land set a whole-building intensity target (Int 2, SBTi-committed) in 2020 to reduce Scope 1+2+3 carbon intensity by 75% per square metre net lettable area by 2030 against a 2019 base year. Covers electricity, natural gas and on-site generator fuel. In reporting year, intensity is 0.068 metric tons CO2e per sqm.

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Launched 2030 sustainability strategy and Pathway to Net Zero

Launched 2030 sustainability strategy with commitment to be net zero by 2030. Introduced internal carbon levy of £60/tonne on embodied carbon in developments and launched Transition Vehicle to fund energy efficient improvements.

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Pathway to Net Zero launched

In 2020 British Land launched its Pathway to Net Zero, with 2030 targets including 50% lower embodied carbon, 75% reduction in operational carbon intensity, 25% energy intensity reduction, and 100% net zero embodied carbon developments.

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Transition Vehicle launched with internal carbon levy £60/tonne (raised to £90/tonne from FY25)

British Land established the Transition Vehicle in April 2020, funded by an internal levy on embodied carbon in new developments (initially £60/tonne, raised 50% to £90/tonne for FY25 developments). Two-thirds funds retrofit projects and renewable energy; one-third purchases carbon credits. Provides ~£5m annual float for retrofitting. By FY24, committed £10m on retrofitting and RGGOs. Carbon credits pre-purchased for 93% of committed development pipeline.

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RE100 commitment: 100% renewable landlord electricity by FY2030

RE100 commitment for 100% of landlord-supplied electricity to be renewable by FY2030, backed by REGOs. Original target expired FY20 at 96% achievement; rolled forward as part of 2030 sustainability strategy. FY24 achievement: 94% (90% total energy from renewables including fuel).

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Internal carbon price of £60/tonne established

Internal carbon price established in 2020, reviewed annually. £60/tonne embodied carbon levy funds Transition Vehicle (£40 for retrofitting, £20 for offsetting).

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SBTi-approved absolute Scope 1+2 reduction target (51% by 2030 vs 2020 baseline)

British Land set an SBTi-approved absolute emissions target (Abs 1) in 2020 to reduce Scope 1 and Scope 2 emissions by 51% by 2030 compared to a FY2020 baseline of 22,318 tCO2e. Target is 1.5°C aligned and covers 100% of Scope 1 and Scope 2 emissions across the company.

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Net zero portfolio target by 2030 (NZ1)

British Land committed to achieving a net zero carbon portfolio by 2030. The product-level net zero target (NZ1) links to the intensity target Int1. They plan to reduce embodied carbon in office developments to below 500 kg CO2e per sqm and offset residual embodied carbon using certified carbon credits.

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RE100 target: 100% renewable landlord-supplied electricity by 2030

British Land set a target (Low 1) as part of RE100 to achieve 100% renewable landlord-supplied electricity by 2030, backed by REGOs. Base year 2020 was 96% renewable. In FY2022/23 the share was 88%, and the target status is underway.

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SBTi-approved Scope 3 intensity target (55% reduction per sqm by 2030 vs 2020 baseline)

British Land set an SBTi-approved Scope 3 intensity target (Int 1) in 2020 to reduce Scope 3 GHG emissions by 55% per square metre of net lettable area by 2030 against a 2020 baseline. Covers categories 1 (purchased goods), 2 (capital goods) and 13 (downstream leased assets). Target is 1.5°C aligned.

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