50% upfront embodied carbon reduction target by 2030 Set target to reduce average upfront embodied carbon by 50% compared with a typical building by 2030, targeting <500 kgCO2e/m2 for offices and <400 kgCO2e/m2 for residential. 40% reduction achieved in reporting year.
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Expanded Scope 3 coverage to all SBTi-relevant categories Updated SBTi targets now cover all reported Scope 3 emissions including development pipeline, supply chain and customers (downstream leased assets). Categories 8, 9, 10, 11, 12, 14 and 15 are excluded as not applicable.
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Published 'Let Nature In' nature strategy and first TNFD disclosure Landsec published its new nature strategy in 2024 and reported against TNFD recommendations for the first time, signing up as a TNFD Early Adopter following September 2023 publication.
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Capital goods emissions rose 38% YoY due to portfolio activity and inflation impact on spend-based estimates Emissions from Capital Goods increased 38% vs prior year due to a combination of portfolio projects, refurbishment works and inflation, which impacts the proportion of emissions estimated based on procurement spend.
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SBTi Net-Zero Standard targets approved (47% by 2030, 90% by 2040) In March 2023, Landsec updated its science-based carbon reduction targets to align with the SBTi Net-Zero Standard, committing to reduce all direct and indirect emissions (Scope 1, 2 and all relevant Scope 3) by 47% by 2030 and 90% by 2040, from a 2019/20 baseline, with net zero by 2040. Expanded coverage to all Scope 3 categories including supply chain, development pipeline and customers.
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Baseline rebased from 2013/14 to 2019/20 As part of the SBTi Net-Zero Standard alignment, Landsec changed its baseline from 2013/14 to 2019/20. New baseline covers all Scope 1, 2 and applicable Scope 3 categories, totalling ~300,338 tCO2e.
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Scope 3 expanded to cover all material categories under SBTi Net-Zero Scope 3 inventory expanded to cover purchased goods and services, capital goods, fuel and energy related activities, waste, business travel, employee commuting and downstream leased assets — covering 90% of Landsec's total carbon footprint.
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TNFD Adopter and 'Let Nature In' nature strategy launched Following publication of TNFD recommendations in September 2023, Landsec signed up as Adopter and published its first TNFD statement. Launched 'Let Nature In' nature strategy with site-specific Nature Action Plans.
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Two assets divested in reporting year Divestment of two assets during the reporting period reduced Scope 1+2 emissions by 297 tCO2e (~2.2% of prior-year total).
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EY limited assurance (ISAE 3000) on Scope 1, 2 and 3 EY provided limited assurance under ISAE 3000 on 100% of reported Scope 1, Scope 2 (location and market) and Scope 3 emissions for the reporting year, plus other sustainability data points.
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