British Land — full event log

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

sustainability_report p.4

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

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

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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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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.

sustainability_report p.2

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.

sustainability_report p.1

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.

sustainability_report p.2

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.

sustainability_report p.2

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.

sustainability_report p.38

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.

sustainability_report p.31

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.

sustainability_report p.11

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.

sustainability_report p.13

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.

sustainability_report p.9

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.

sustainability_report p.7

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.

sustainability_report p.16

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).

sustainability_report p.286

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.

sustainability_report p.19

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.

sustainability_report p.17

In FY24, British Land started reporting embodied carbon in-use emissions (RICS modules B1-B5: maintenance, repair, refurbishment) as Scope 3 Category 1. This is a new category of emissions not previously reported, calculated using industry benchmarks (CO2e per sqm per asset class) multiplied by managed portfolio floor area. FY24 value: 15,533 tCO2e.

sustainability_report p.222

British Land has installed 19 heat pumps across its managed portfolio since its first ASHP at 350 Euston Road a decade ago, cutting gas use there by 73% and saving at least 1,800 tCO2e since 2014. York House became one of the first fully electric offices with heat pumps installed in December 2023, saving ~400,000 kWh of gas. The £18m total investment in carbon-efficient interventions since FY19 has driven an 18% improvement in whole managed portfolio energy intensity and a 39% reduction in operational carbon intensity vs the FY19 indexed baseline.

sustainability_report p.14

All new developments and major refurbishments (>£5m) are required to undergo whole life carbon assessments from pre-design phase, using One Click LCA software aligned to RICS guidance. British Land mandates NABERS UK Design for Performance modelling for offices, targets EPC A rating, and uses a 'retrofit first' approach to retain existing structures. Low-carbon materials are specified (Electric Arc Furnace steel, low-carbon aluminium, cement replacements). Average embodied carbon intensity reduced from 1,000 kgCO2e/sqm (FY19) to 625 kgCO2e/sqm (FY24), tracking towards the 500 kgCO2e/sqm target by 2030. All committed developments from April 2020 are offset to net zero embodied carbon at practical completion.

sustainability_report p.183

Scope 3 Cat 13 (downstream leased assets) at 84,184 tCO2e is a primary focus: British Land rolled out a solution in FY23 to obtain occupier-procured energy data for retail let space, covering 51 of 53 managed retail assets (~2,000 units), increasing actual data coverage to 76%. Green lease clauses were updated in 2023 to highlight sustainable occupation requirements. The firm held roundtable discussions with all office customers and 15% of retail customers (by floor area) in FY23/24, identifying joint opportunities in strategy alignment, data sharing, and funding for energy efficiency. Two ESG-focused events were held with 120 and 70 office occupier attendees respectively. Target: 55% reduction in Scope 3 intensity per sqm by FY2030 (24.73% achieved to date).

sustainability_report p.302

Downstream transportation and distribution (Cat 9) travel surveys were updated in FY24 to reflect latest travel trends. FY24 value: 1,205,755 tCO2e vs FY20 base: 1,024,621 tCO2e. These emissions are excluded from BL targets as BL has limited influence on how people travel to assets.

sustainability_report p.227

British Land maintained annual limited assurance under ISAE3000 for Scope 1, Scope 2 (both location- and market-based), and all Scope 3 categories. 100% of reported emissions verified. Assurance also covers water withdrawal data, energy consumption, waste data, and progress against targets. Assurer details in Sustainability Progress Report pp. 108-110.

sustainability_report p.231

British Land faces estimated £100m retrofit cost to bring all commercial assets to minimum EPC A or B by 2030 under MEES regulations. A portfolio-wide EPC review was completed in 2022/23 using SBEM software; results fed into asset-level business plans. By FY24, 58% of portfolio by ERV is rated A or B (up from 45% in FY23), with 42% still requiring upgrade. In FY24, £4.7m (landlord capex) was spent on carbon-efficient interventions. The firm supplements the Transition Vehicle with a £5m annual float ringfenced for retrofitting. EPC rating improvement is a component of executive remuneration (annual incentive: 20% weighting).

sustainability_report p.129

British Land set new annual water consumption intensity targets for FY25: 5% improvement at managed offices (from 12.49 m3/FTE base) and 5% at managed retail (from 9.88 m3/footfall base). These replaced the achieved FY23 targets (5% reduction vs 2020 baseline). New targets to be reported at end of FY25.

sustainability_report p.418

Change in BEIS electricity and gas grid emission factors between 2022 and 2023 factor sets reduced Scope 1 & 2 combined emissions by 324.13 tCO2e (-1.64% effect) in FY24. This is a routine annual update to government-published conversion factors.

sustainability_report p.240

British Land pre-purchases VCS-verified carbon credits at the point of development commitment to offset residual embodied carbon (A1-A5) once all reasonable reduction measures have been taken. In FY24, 92,953 tCO2e of credits were retired across five projects: Delta Blue Carbon (mangrove restoration, Pakistan), Kasigau Corridor REDD+ (Kenya), Ghana reforestation, Rimba Raya (Indonesian peat swamp), and Katingan Peatland (Indonesia). Credits are split 50/50 between removal and avoidance types with preference for nature-based solutions; all must meet ICROA standards. By FY24, 93% of committed development pipeline is covered by pre-purchased credits. The firm explicitly states it will review opportunities in permanent carbon removals as the market matures, and notes the current approach uses avoidance and removal credits while transitioning to net zero.

sustainability_report p.313

British Land has completed net zero carbon audits across 45+ major office and retail assets (accounting for >90% of landlord-procured energy), identifying asset-level pathways to net zero. By FY24, £18m has been invested in carbon-efficient interventions (LED lighting, heat pump replacements, HVAC improvements, BEMS upgrades, voltage optimisation) across almost half the managed portfolio. These interventions are predicted to reduce annual energy consumption by at least 13,100 MWh, saving 3,400 tCO2e/year. The Transition Vehicle (internal carbon levy, now £90/tonne) provides dedicated funding. FY24 results: 18% improvement in energy intensity and 39% reduction in carbon intensity vs indexed FY19 baselines.

sustainability_report p.143

British Land's Sustainability Brief requires all development suppliers to track and report embodied carbon at each RIBA design stage, appoint sustainability consultants, and comply with ISO 14001. The Low Carbon Materials Working Group reviews current and emerging low-carbon materials (concrete, steel, glass, aluminium) and produced a 'Carbon Primer' in 2023 capturing best practice. All office projects must use NABERS UK Design for Performance modelling. Suppliers providing Environmental Product Declarations (EPDs) are required before procuring new materials. The internal carbon levy (£90/tonne) incentivises design teams to reduce embodied carbon.

sustainability_report p.203

British Land is updating existing SBTi targets to set longer-term targets aligned with forthcoming SBTi Buildings sector guidance. Internal 2030 sustainability targets remain unchanged during this transition.

sustainability_report p.9

British Land increased its Transition Vehicle carbon levy by 50% from £60/tonne to £90/tonne for all new committed developments from 1 April 2024, further incentivising embodied carbon reduction in developments.

sustainability_report p.18

British Land completed work with ecologists to finalise its Nature Strategy including additional targets for the managed portfolio (to be launched FY25). TNFD scoping exercise completed for Broadgate with clear action plan to 2027 for TNFD-aligned disclosure.

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Tenant energy use dominates British Land's Scope 3 footprint via downstream-leased assets. The company now reports whole-building portfolio intensities including retail occupier-procured energy (adding ~205 MWh/year to scope). It integrates energy and carbon clauses into new and renewed leases, shares building energy data with occupiers via digital platforms, and held its first occupier Sustainability Summit in FY24. Asset-level net zero pathways are presented to occupiers, and the 2030 Sustainability Brief updated with more demanding KPIs to drive supply chain collaboration.

sustainability_report p.16

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.

sustainability_report p.33

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

sustainability_report p.48

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.

sustainability_report p.14

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

sustainability_report p.7

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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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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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.

sustainability_report p.48

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

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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 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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Target set that 100% of new construction and major renovation projects designed to achieve a 10% net gain in biodiversity.

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Exploring key net zero criteria to be used during procurement of goods and services from contractors. Updated Supplier Code of Conduct in FY23 to include specific UN Sustainable Development Goals requirements. Plan to incorporate net zero KPIs as contractually binding requirements in new supplier contracts. 93% of supplier workforce paid at least the Real Living Wage.

sustainability_report p.15

Downstream leased emissions dominate Scope 3 for British Land as a REIT. Green leases introduced as standard on new retail and office leases. Energy monitoring software rolled out across managed retail assets in FY23 (51 of 53 assets covered), extending to FRI/non-managed in FY24. Four customer round tables held with major occupiers. ESG standing agenda item at customer/property meetings. Occupier-procured retail emissions: 64,012 tCO2e in FY23.

sustainability_report p.15

British Land carries out net zero carbon audits covering over 90% of landlord-procured energy across major office and retail assets (29 audits completed last year, 14 additional retail audits in FY2023). These audits identify energy-saving interventions — LED lighting, HVAC upgrades, BEMS re-validation, heat pump installation, voltage optimisation, and demand controls — targeted to deliver a 25% improvement in whole-building energy efficiency by 2030. The Transition Vehicle (funded by an internal carbon levy of £60/tonne on embodied carbon) provides up to £40 per tonne to finance retrofit projects. In FY2022/23, 25 initiatives were implemented saving an estimated 1,024 tCO2e annually.

sustainability_report p.33

British Land conducts portfolio-wide EPC reviews using the Simplified Building Energy Model (SBEM) to understand exposure to F/G-rated properties (currently 3% of assets by floor area). A programme of net zero audits assesses the financial implications of retrofitting underperforming assets to achieve at least an E rating, with the goal of meeting proposed 2030 MEES standards (minimum B rating). In 2022/23, 45% of the portfolio is now graded A or B (up from 36% in 2021/22), and over 100 retail units achieved A or B ratings. Two major office buildings (350 Euston Road and Exchange House) were upgraded to B rating.

sustainability_report p.10

All new committed office developments target NABERS Design for Performance 5-star rating. 1 Broadgate achieved 5-star DfP target rating, first British Land building to do so. British Land is a member of BBP's Design for Performance pioneer group helping establish NABERS in the UK. Developing real-time in-use dashboards aligned to NABERS methodology.

sustainability_report p.14

British Land actively engages occupiers to reduce Scope 3 Category 13 (downstream leased asset) emissions, which are covered by its SBTi intensity target (Int 1). The company rolled out a solution to obtain occupier-procured energy consumption data in retail let space; full-year occupier data was received for 51 out of 53 managed retail assets. Roundtable discussions with close customers explored collaboration on fit-out, data sharing, and net zero strategy alignment. Occupier-specific energy efficiency opportunities identified through net zero audits are shared with tenants to support the shared goal of reducing their carbon footprint.

sustainability_report p.26

British Land joined RE100 in 2016 and is committed to 100% renewable electricity. This commitment is referenced in C12.5 collaborative frameworks.

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British Land procures REGO-backed renewable electricity for common parts of office and retail assets and for leased office space, sourced from a mix of wind, solar, and hydro. On-site solar PV totalling ~2 MW peak capacity is deployed across multiple sites including Meadowhall, 100 Liverpool Street, and Broadgate. In FY23, 88% of landlord-procured energy was from renewable sources. The firm plans to deliver its first substantive volume of 'additional' renewable power in 2023-25 via a Power Purchase Agreement or direct investment, and in FY23 completed a model to demonstrate the impact of 'sleeving' PPA-sourced energy into current procurement strategy. British Land has been a RE100 member since 2016.

sustainability_report p.56

All developments delivered after April 2020 must be net zero embodied carbon. British Land targets a 50% reduction in embodied carbon intensity at developments by 2030, with a 2030 threshold of 500 kgCO2e/sqm for offices and 450 kgCO2e/sqm for retail and residential. Approach includes whole-life carbon assessments (RICS framework), material re-use (retaining existing superstructure), cement replacement (GGBS), and a Low Carbon Materials Working Group. The average embodied carbon intensity of committed and near-term developments is now 646 kg CO2e/m2, a further 5% reduction from last year.

sustainability_report p.65

British Land's Sustainability Brief requires all development suppliers to meet specific embodied carbon emissions standards (500 kgCO2e/sqm GIA for offices, 450 kgCO2e/sqm for retail and residential). The Low Carbon Materials Working Group focuses on most impactful materials including concrete, steel, glass and aluminium, producing a 'Carbon Primer' in 2023 capturing current best practice. All projects require supply chain to track performance against the sustainability brief through all design stages, with quarterly project meetings for monitoring. 100% of development suppliers comply with the Sustainability Brief.

sustainability_report p.65

In FY23 British Land 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), increasing proportion of actual data from 30% to 76%.

sustainability_report p.43

British Land has made a public commitment to Net Positive Gain in biodiversity. The Biodiversity Framework sets Mandatory Biodiversity Requirements for new development and site-specific Biodiversity Action Plans. BL is scoping out TNFD reporting.

sustainability_report p.72

British Land purchases and retires VCS-verified carbon removal credits (afforestation/reforestation projects) to offset residual embodied carbon in completed developments. In FY23, 35,451 tCO2e of credits were cancelled across three projects: Zhangye City Afforestation (China, 13,149 tCO2e), Reforestation of Degraded Forest Reserves in Ghana (14,545 tCO2e), and Fresh Breeze Afforestation (Mexico, 7,757 tCO2e). These credits are used solely for voluntary offsetting of embodied carbon that remains after all practical reduction measures (material re-use, design efficiency, low-carbon materials) have been applied. The stated intention is to offset only the residual embodied carbon once the firm has done everything practicably possible to reduce it.

sustainability_report p.62

British Land engages 31% of customers by number on climate issues through roundtable discussions, green lease clauses, and data sharing. In 2022/23 the firm reviewed and enhanced 'green lease clauses' in standard office and retail leases to more explicitly highlight sustainable occupation requirements. A solution was rolled out to obtain occupier-procured energy consumption data in retail let space, covering 51 of 53 managed retail assets, increasing actual data coverage from 30% to 76% for downstream leased asset emissions. Customers can access energy management systems to review demised space performance.

sustainability_report p.66

British Land commits to reduce absolute Scope 1 and 2 GHG emissions 51% by FY2030 from a FY2020 base year; targets approved by SBTi, validating 1.5°C alignment. Scope 3 target to reduce GHG emissions 55% per sqm of net lettable area by FY2030.

sustainability_report p.71

British Land applies an internal carbon levy of £60/tonne on embodied carbon in development projects, funding the Transition Vehicle which finances retrofitting and low-carbon R&D. Combined deployment and commitment amount for net zero interventions is £7m so far.

sustainability_report p.64

British Land targets a 75% reduction in operational carbon emissions across its managed portfolio by 2030. Interventions include installation of air source heat pumps and LED lighting at campuses and retail assets, replacement of end-of-life chillers with energy-efficient alternatives (24% energy consumption saving on one replacement), and adoption of the NABERS UK Design for Performance framework for all new construction. The Transition Vehicle (funded by the £60/tonne internal carbon levy) has deployed £7m so far for net zero interventions, primarily at campuses and retail.

sustainability_report p.64

Downstream leased assets (Cat 13) is the dominant Scope 3 category at 108,643 tCO2e in FY23 vs a base year of 138,163 tCO2e (FY2020). British Land commits to reduce Scope 3 GHG emissions 55% per sqm of net lettable area by FY2030. Emissions include FRI/non-landlord obtained energy at non-BL managed assets, landlord energy in leased space, and upstream emissions from landlord water use. Improved data coverage (76% actual vs 30% prior year) was achieved through a new occupier-procured energy data collection solution rolled out across retail assets.

sustainability_report p.43

Retrofit-first approach: average embodied carbon on office developments 646kg CO2e/sqm vs 1,000kg FY19 baseline, targeting 500kg by 2030. Initiatives include 40% X-Carb low-carbon steel at The Dock Shed (saving ~1,500 tonnes), 95% GGBS low-carbon concrete at 1 Broadgate substructure, upcycling 40% of existing aluminium cladding at 2 Finsbury Avenue, reused raised access flooring at Exchange House (saving 200 tonnes). Internal Low Carbon Materials Working Group established; signed ConcreteZero and SteelZero pledges.

sustainability_report p.16

British Land targets 100% renewable landlord-supplied electricity by 2030 under RE100, procuring renewable electricity backed by REGOs from solar, wind, and hydro sources for common parts of office and retail assets and leased office space. On-site renewable generation is prioritised through rooftop solar PVs (2 MWp capacity at 11 sites generating 2,043 MWh in 2022/23, saving 434 tCO2e). The company is also exploring a UK-based Power Purchase Agreement (PPA) between 2023-25 to add substantive volumes of 'additional' renewable electricity. In FY2022/23, 88% of landlord-supplied electricity was renewable, below the target of 100% by 2030.

sustainability_report p.30

British Land offsets residual embodied carbon from its development projects by purchasing certified carbon credits verified under Carbon Project Verification standards approved by ICROA, currently prioritising nature-based solutions primarily related to forests. Credits are pre-purchased at the point of development commitment, with reconciliation at practical completion. As of 2023, the company has pre-purchased credits equivalent to c.67% of the embodied carbon in the committed development pipeline. British Land intends to review opportunities for 'permanent' carbon removals (e.g. DAC) as the market evolves. Carbon credits offset residual embodied carbon from 100 Liverpool Street and 1 Triton Square developments already.

sustainability_report p.31

British Land operates an internal carbon levy of £60 per tonne of embodied carbon associated with new development projects. Two-thirds of the Transition Fund is available to finance retrofitting projects that improve EPC ratings and reduce operational carbon emissions; the remaining third purchases carbon credits for residual embodied carbon. This mechanism ensures carbon cost is factored into development appraisals and incentivises low-carbon design choices. The fund also provides an annual float of £5m to support the sustainability programme budget across Campuses and committed a further £10m in FY24 for energy initiatives.

sustainability_report p.33

British Land targets 500 kg CO2e per sqm embodied carbon for office developments and 450 kg CO2e per sqm for retail/residential by 2030, well below the RIBA Climate Challenge 2030 standard of 500 kg CO2e/sqm. Whole life carbon assessments are undertaken using One Click LCA software aligned to RICS guidance for all developments and major refurbishments. Material choices (e.g. 95% GGBS concrete piles, electric arc furnace steel) and structural retention strategies (retaining half the original structure at LPS) have already delivered intensities of 389 kg CO2e/sqm at 100 Liverpool Street and 436 kg CO2e/sqm at 1 Triton Square.

sustainability_report p.26

British Land prioritises high-quality nature-based carbon credits for offsetting residual embodied carbon at developments. FY23 retired credits from Katingan Peatland Restoration (25,000 tonnes, VCS 1477, Indonesia) and Rimba Raya Biodiversity Reserve (10,000 tonnes, VCS 674, Indonesia) for 1 Broadgate, plus 8,125 tonnes for Norton Folgate. Updated Developments Embodied Carbon Offset Policy launched. Pre-purchased credits equivalent to c.67% of embodied carbon in committed development pipeline; 41% retired post year-end. £20/tonne of internal carbon levy funds offset purchases.

sustainability_report p.25

Net zero audits completed at all major office and retail assets with pathways embedded in business plans. £10m invested in energy/carbon efficient interventions since FY19 with further £5m committed. Transition Vehicle (£40/tonne of embodied carbon levy + £5m annual float) funds retrofit projects: air source heat pumps now at five assets, LED lighting rollout, chiller replacements (e.g. Broadwalk House saving 30 tonnes CO2e/year). 40% reduction in operational carbon intensity (offices) vs 2019 baseline achieved.

sustainability_report p.26

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.

sustainability_report p.17

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.

sustainability_report p.7

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.

sustainability_report p.4

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

sustainability_report p.88

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.

sustainability_report p.12

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.

sustainability_report p.18

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.

sustainability_report p.39

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

sustainability_report p.37

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

sustainability_report p.30

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.

sustainability_report p.16

Introduced Contractor Framework identifying Sustainability KPIs for new contractors on asset management initiatives. Incorporating key Net Zero Carbon criteria into procurement of goods and services from contractors by 2024. Anti-modern slavery audits of 10 high-risk suppliers (all scored above 77%); 79% of supplier workforce paid the Real Living Wage. Embedded Net Zero criteria into pre-acquisition due diligence.

sustainability_report p.13

To align with SBTi design, the operational embodied carbon of managed portfolio has been reclassified from Cat 2 'Capital Goods' to Cat 1 'Purchased goods and services'.

sustainability_report p.37

Completed 29 net zero audits across major assets representing 90% of landlord procured power, identifying initiatives to deliver 25% improvement in whole building energy efficiency.

sustainability_report p.4

From January 2022 the Code of Considerate Practice changed from 5 to 3 principles and scoring changed from out of 50 to out of 45.

sustainability_report p.55

2022 Scope 2 location-based and market-based numbers have been restated to include the GHG emissions associated with energy consumption in Residential properties.

sustainability_report p.39

Internal carbon levy of £60/tonne CO2e on embodied carbon in developments since April 2020. £20/tonne earmarked for nature-based offset credits; £40/tonne plus £5m annual float directed into the Transition Vehicle which funds energy efficiency retrofits on the standing portfolio. Total cumulative investment to date £19.5m. Annual savings from completed retrofits: 337 tCO2e and 1,155,186 kWh.

sustainability_report p.13

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.

sustainability_report p.294

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).

sustainability_report p.12

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.

sustainability_report p.12

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.

sustainability_report p.5

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.

sustainability_report p.13

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.

sustainability_report p.3

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

sustainability_report p.78

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

sustainability_report p.25

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

sustainability_report p.12

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

sustainability_report p.9

50% embodied carbon intensity reduction target (RICS A1-A5) by 2030 vs 2019 baselines: Offices 1000→500 kg CO2e/sqm, Retail/Residential 900→450. 100 Liverpool Street achieved 389 kg/sqm by retaining one-third of steel frame, half the concrete, recycled aggregates and cement replacement. 1 Triton Square refurbished 3,500 sqm of glass panels (66% cost saving, saved 25,000 transport miles), >70% cement replaced with low-carbon alternatives. FY21 portfolio average: 640 kg CO2e/sqm.

sustainability_report p.8

To align with SBTi design, operational embodied carbon of managed portfolio reclassified from Capital Goods (Cat 2) to Purchased goods and services (Cat 1).

sustainability_report p.25

Achieved 5-star GRESB rating two years ahead of 2022 target (4-star in 2020 and 2019).

sustainability_report p.2

First-time disclosure of ethnicity pay gap at 27.3% median.

sustainability_report p.2

100 Liverpool Street residual embodied carbon offset via Verified Carbon Standard credits split between a 30,000-hectare land restoration project on the Tibetan plateau and a teak afforestation project in Mexico. Additional commitment to plant 150,000 trees in Cumbria and Scotland expected to offset c.26,000 tonnes CO2e as forests mature. £60/tonne internal carbon levy; c.£20/tonne earmarked for offset purchases. 13,149 tonnes offset for completed developments in FY21; 76,406 tonnes forecast for committed developments.

sustainability_report p.9

New developments to 'design out fossil fuels where possible'. Norton Folgate gas restricted to retail A3/A4 use only — offices and A1 units all-electric. 1 Broadgate fully electric with air/water source heat pumps, thermal stores, mixed mode ventilation, photovoltaic array on roof. Beyond 2030, portfolio to perform in line with UKGBC Paris Proof 2050 targets.

sustainability_report p.8

SBTi approved Scope 3 intensity target (considered ambitious) to reduce Scope 3 GHG emissions by 55% per square metre of net lettable area by FY2030 vs FY2020 baseline. Covers Cat 1 (purchased goods), Cat 2 (capital goods), and Cat 13 (downstream leased assets). Base year intensity: 0.0869 tCO2e per sqm. FY24 reporting year intensity: 0.0751 tCO2e per sqm (24.73% of target achieved).

sustainability_report p.299

Supplier Code of Conduct updated and mandated for all suppliers; widened scope of responsible sourcing requirements to include all goods. Contractor Framework launching to monitor sustainability KPIs for new contractors. 47% of development supply chain spend with SMEs; 37% within site borough. Mandatory whole-life carbon assessments on all developments.

sustainability_report p.18

From 2021, employee numbers based on headcount rather than FTE and include Fixed Term employees. Data for 2020 and 2019 restated.

sustainability_report p.49

98% of landlord procured electricity backed by Renewable Energy Guarantees of Origin (REGOs), up from 96% in 2020. 80% of purchased gas backed by Renewable Gas Guarantees (RGGOs). On-site renewables include PV at 100 Liverpool Street, 6 Orsman Road, 10 Portman Square, 20 Triton Street, 7 Clarges plus retail sites Whiteley, Serpentine, St Stephen's, Old Market, Drake Circus and Meadowhall. 1,907 MWh generated on-site in 2021. New developments target 100% renewable in operation with on-site PV or additional PPAs.

sustainability_report p.29

From 2021, the 2030 strategy upgraded BREEAM targets to Outstanding for Offices (from Excellent) and Excellent for Retail (from Very Good).

sustainability_report p.10

Science Based Target initiative validated commitments aligned with 1.5°C trajectory: 51% reduction in absolute Scope 1+2 by FY2030 (FY2020 base) and 55% reduction in Scope 3 GHG intensity per sqm NLA.

sustainability_report p.16

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.

sustainability_report p.26

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.

sustainability_report p.5

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.

sustainability_report p.12

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.

sustainability_report p.196

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).

sustainability_report p.309

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

sustainability_report p.13

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.

sustainability_report p.20

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.

sustainability_report p.31

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.

sustainability_report p.30

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.

sustainability_report p.23

British Land committed to achieving a net zero carbon portfolio by 2030, covering both operational carbon (75% reduction in carbon intensity vs 2019) and embodied carbon (50% reduction by 2030, offsetting residual). Transition Vehicle established 2020 to fund decarbonisation. All developments from April 2020 to be net zero embodied carbon.

sustainability_report p.311