British Land — full event log

In FY24, British Land began reporting Scope 3 Category 1 emissions resulting from a building's maintenance, repair and refurbishment activities (RICS modules B1-B5), expanding the scope of disclosed emissions.

sustainability_report p.222

British Land is in the process of updating its existing SBTi targets to set longer-term targets aligned with the SBTi Buildings sector guidance once published. The internal 2030 targets remain unchanged in the interim.

sustainability_report p.9

Third-party limited assurance under ISAE3000 for Scope 1, 2 and Scope 3 emissions covering 100% of reported emissions. Annual process.

sustainability_report p.231

New annual targets set in FY24 for 5% improvement in water consumption intensity at managed offices (12.49 → 11.87 m3/FTE) and at managed retail sites (9.88 → 9.39 m3/footfall) by FY25.

sustainability_report p.418

Change in BEIS electricity and gas grid emission factors between 2022 and 2023 factor sets resulted in a 1.64% (~324 tCO2e) decrease in Scope 1+2 emissions vs prior year.

sustainability_report p.240

In March 2024 British Land launched its first social value target, committing to generate £200m of direct social and economic value in the 10 years to 2030, including £100m enabled via the £25m Social Impact Fund and £100m via SME spend. Additionally targeting £100m indirect.

sustainability_report p.3

For the first time, British Land obtained retail occupier-procured energy data for FY23 and FY24, enabling whole-building portfolio-wide intensity reporting. An additional 205 MWh of energy consumption (representing 60% of total energy consumed across managed portfolio) was brought into scope of the 2030 Strategy. Conversion factors were also updated in line with BBP guidelines. FY22 baseline restated using indexing methodology.

sustainability_report p.7

This year British Land widened its Scope 3 reporting to include embodied carbon in-use (RICS B1-B5) covering emissions from buying equipment and maintaining buildings over their life cycle, including landlord-controlled retrofitting projects and M&E replacements. Heat pump installation embodied carbon (e.g. 289 tCO2e at York House) now included.

sustainability_report p.9

In FY24, British Land set an embodied carbon target for urban logistics developments of 650kg CO2e per sqm, developed from whole life carbon assessments on the urban logistics pipeline in the absence of industry benchmarks.

sustainability_report p.13

British Land adopted a senior management minoritised ethnic colleagues target of 15% (Parker Review aligned) and a company-wide target of 17.5% by 2025. Achieved 17.7% across company in FY24.

sustainability_report p.4

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

sustainability_report p.31

The sale of Deepdale and Royal Victoria Place reduced the number of assets with social impact assessments from 25 to 23 in FY24.

sustainability_report p.64

For the first time since launch in 2020, British Land increased its internal carbon price from £60 to £90 per tonne of embodied carbon for new committed developments from 1 April 2024. This further incentivises embodied carbon reduction. Two-thirds funds retrofitting (£60/tonne) and one-third funds offsets (£30/tonne).

sustainability_report p.18

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

sustainability_report p.7

DNV provided independent limited assurance over selected FY23 sustainability data including Scope 1, 2, 3 emissions. CHY Consultancy provides assurance for social value data; Korn Ferry for pay gap data.

sustainability_report p.99

Updated target for 17.5% ethnic minority representation across the Company by 2025 (with 20% stretch target).

sustainability_report p.4

Renewable electricity dropped from 93% to 88% in FY23, primarily due to onboarding new assets where it takes time to transfer to a renewable tariff. Renewable gas rose from 85% to 90%.

sustainability_report p.46

Air, rail and road business travel emissions increased from 41 tCO2e in FY22 to 236 tCO2e in FY23, reflecting the return to pre-Covid-19 travel conditions.

sustainability_report p.48

In FY23 rolled out solution to obtain occupier-procured energy consumption data in retail let space. Full year data received for 51 of 53 managed retail assets (~2,000 units), increasing proportion of actual data to 76% in FY23 and FY24.

sustainability_report p.229

2022 numbers have been restated to include the GHG emissions associated with energy consumption in Residential properties. This expands the Scope 3 reporting boundary.

sustainability_report p.43

In FY23 we rolled out a solution to obtain occupier-procured energy consumption data in retail let space. Full year consumption data was received for 51 out of 53 managed retail assets (c. 2,000 units). Whole building retail data will be reported from FY24.

sustainability_report p.48

In February 2023, British Land committed to a £25m Social Impact Fund to 2030, comprising at least £15m cash contributions and £10m affordable space. New education and employment targets to 2030 also set.

sustainability_report p.4

The significant increase in business travel emissions reflects the return to pre-Covid-19 travel conditions.

sustainability_report p.4

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

sustainability_report p.4

Completed 29 net zero audits covering major assets, identifying initiatives that would deliver at least 25% improvement in whole building energy efficiency. Now have a pathway for each major asset.

sustainability_report p.18

DNV provided ISAE3000 limited assurance on Scope 1, Scope 2 (location and market) and Scope 3 categories including Purchased goods, Capital goods, Fuel/energy, Waste, Business travel, Employee commuting and Downstream leased assets. 100% of reported emissions verified.

sustainability_report p.23

This year, British Land created a new strategy of pre-purchasing carbon credits to mitigate price volatility risk for offsetting residual embodied carbon. Has pre-purchased credits for ~67% of embodied carbon in committed development pipeline.

sustainability_report p.8

To align with the design of our SBTi, the operational embodied carbon of our managed portfolio has been reclassified from 'Capital Goods' to 'Purchased goods and services'.

sustainability_report p.35

In 2021/22, estimated energy consumption in retail units assumes regular operations, vs prior year assumption of only 50% operation due to COVID lockdowns. This causes a significant rise in reported Scope 3 emissions.

sustainability_report p.31

This year's totals include the embodied carbon of 1 Triton Square following its practical completion, increasing reported emissions.

sustainability_report p.31

In FY23 BL rolled out a solution to obtain occupier-procured energy consumption data in retail let space. Full year consumption data was received for 51 of 53 managed retail assets, increasing the proportion of actual data to 76% from 30% last year.

sustainability_report p.6

From 2021, employee numbers based on headcount rather than FTE and include fixed-term employees. Data for 2020 and 2019 restated to reflect this change.

sustainability_report p.49

In FY21, SBTi validated British Land's climate commitments as in line with a 1.5°C trajectory: 51% absolute reduction in Scope 1+2 by FY2030 from FY2020 base year, and 55% reduction in Scope 3 emissions intensity per sqm NLA over the same timeframe.

sustainability_report p.16

British Land's Scope 1, 2, and 3 targets were validated by SBTi as being aligned to a 1.5 degree global warming scenario in 2021. Targets: 51% reduction in Scope 1 and 2 emissions vs 2020, and 55% reduction in Scope 3 emissions intensity per sqm vs 2020. Validated targets are valid until 2026.

sustainability_report p.13

Science Based Targets initiative validated British Land's carbon reduction targets in 2021: 51% reduction in Scope 1 and 2 emissions vs 2020 baseline and 55% reduction in Scope 3 intensity per sqm vs 2020.

sustainability_report p.7

Committed to achieving a net zero carbon portfolio by 2030. Includes 75% operational carbon intensity reduction vs 2019 and 50% embodied carbon reduction vs 2019 industry benchmarks.

sustainability_report p.3

For FY21, emissions from employees working from home reported instead of employee commuting due to Covid-19 lockdown impact.

sustainability_report p.25

This year updated reporting structure to more fully align with GHG Protocol Value Chain (Scope 3) Standard, incorporating RICS Whole Life Carbon Assessment. Now includes embodied carbon in use (B1-B5) at 15,834 tCO2e and broader downstream leased assets.

sustainability_report p.25

From 2020, reporting Scope 2 emissions according to both location-based and market-based methods. 98% of purchased electricity backed by REGOs and 80% of purchased fuel backed by RGGOs.

sustainability_report p.64

Covid-19 lockdowns dramatically reduced building occupancy, leading to anomalous declines in energy use, emissions, water use and accident rates. Many performance metrics not directly comparable to prior years.

sustainability_report p.19

DNV's second year as assurance partner; previous nine years of assurance was undertaken by PwC. Limited assurance per ISAE 3000 (Revised).

sustainability_report p.59

Scope 1+2 absolute reduction target of 51% by FY2030 from FY2020 base year, and Scope 3 intensity target of 55% per sqm net lettable area by 2030. Approved by SBTi as 1.5°C aligned (Scope 1&2) and ambitious (Scope 3).

sustainability_report p.293

Internal carbon levy of £60 per tonne of embodied carbon on new developments funds Transition Vehicle for retrofitting standing portfolio (~two-thirds) plus offset purchases (~one-third). £5m annual float also added.

sustainability_report p.12

2022 numbers have been restated to include the GHG emissions associated with energy consumption in Residential properties. Affects both Scope 1 and Scope 2 prior-year figures.

sustainability_report p.2

Introduced internal carbon levy of £60 per tonne on embodied carbon in developments, with £20 directed to offsetting and £40 to the Transition Vehicle for energy efficiency retrofits.

sustainability_report p.5

Launched 2030 sustainability strategy with commitment to be net zero carbon by 2030. Includes 75% operational carbon intensity reduction vs 2019 and 50% reduction in embodied carbon at developments.

sustainability_report p.5

This is DNV's third year as our assurance partner. The previous nine years of assurance on selected sustainability data was undertaken by PwC.

sustainability_report p.69

In May 2020 British Land launched 2030 sustainability strategy: net zero carbon by 2030, 50% reduction in embodied carbon intensity by 2030, 75% reduction in operational carbon emissions across portfolio by 2030. SBTi validated: scope 1&2 absolute 51% reduction by FY2030 from FY2020 base year; Scope 3 55% per sqm reduction.

sustainability_report p.22

British Land committed to achieving a net zero carbon portfolio by 2030, including 75% reduction in operational carbon intensity and 50% reduction in embodied carbon, with offsetting of residual embodied carbon for all developments from April 2020.

sustainability_report p.312

Absolute target set in 2020, approved by SBTi as 1.5°C aligned: reduce Scope 1 & 2 emissions by 51% by 2030 vs 2020 baseline (6,945 tCO2e Scope 1; 15,373 tCO2e Scope 2 location-based).

sustainability_report p.20

SBTi-approved Scope 3 intensity target to reduce emissions from purchased goods, capital goods and downstream leased assets by 55% per sqm of net lettable area by 2030 vs 2020 baseline.

sustainability_report p.23

British Land has committed to achieving a net zero carbon portfolio by 2030, covering both embodied and operational carbon. Includes 75% reduction in operational carbon intensity and 25% energy efficiency improvement vs 2019 baseline.

sustainability_report p.31

Target rolled forward as part of 2030 strategy after original 100% target expired in FY20 having reached 96%. Currently at 88% in 2022/23.

sustainability_report p.30

In May 2018, brought wholly-owned property management subsidiary Broadgate Estates in-house, selling its third-party property management portfolio to Savills. Broadgate Estates data is now included within British Land and Group data.

sustainability_report p.69