RVBA-LANDReal Estate & REITs

Landsec — 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

esg linked executive pay yn	1
board diversity pct	53%

P&L highlights (USD)

Revenue	624M
Total operating expenses	(73M)

Balance sheet highlights (USD)

Total assets

10.9B

Events 2025· 13

Net Zero Transition Investment Plan progressing — ASHP retrofit and solar PV

Landsec completed the first ASHP retrofit at Dashwood House and installed an additional 550kWp solar PV at Gunwharf Quays as part of its Net Zero Transition Investment Plan. 56% of portfolio is now EPC B or above.

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On-site solar PV and ASHP retrofits to decarbonise owned assets

Landsec is installing solar PV (550kWp new installation at Gunwharf Quays) and heat pump retrofits (first ASHP at Dashwood House) as part of its Net Zero Transition Investment Plan. The office portfolio is tracking towards 100% EPC B or above by 2030 through this plan and new developments. 56% of the total portfolio is already rated EPC B or higher as at FY25.

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Primary: Energy efficiency — 23% improvement in energy intensity vs 2019/20 baseline

Landsec has achieved a 23% reduction in energy intensity (kWh/m2) compared with the 2019/20 baseline. Investments include building retrofits, ASHP installations, and technology upgrades across the portfolio. The MEES compliance programme ensures all assets meet EPC E or above with a roadmap to EPC B by 2030.

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Net zero by 2040 with SBTi-aligned near/long-term targets

Landsec targets net zero by 2040: near-term 47% reduction in absolute scope 1, 2, 3 by 2030 vs 2019/20 baseline; long-term 90% reduction by 2040 vs 2019/20 baseline.

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33% absolute carbon reduction achieved vs 2019/20 baseline

As at FY25, Landsec has achieved a 33% reduction in absolute carbon emissions (tCO2e) compared with 2019/20 baseline, and a 23% reduction in energy intensity (kWh/m2).

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Dependent: Embodied carbon reduction — tracking 41% reduction in upfront embodied carbon across development pipeline

Landsec is targeting a 50% reduction in average embodied carbon compared with a typical building by 2030 (benchmarked against GLA Whole Life Carbon Guidance). Across the development pipeline, an average 41% reduction in upfront embodied carbon is currently being tracked. Timber Square (Southbank) is highlighted as a highly sustainable scheme.

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Dependent: Supply chain sustainability — 800+ suppliers committed to sustainability standards

Over 800 suppliers have signed up to Landsec's Supply Chain Commitment, including 93% of strategic suppliers, committing to work with Landsec and address key sustainability issues. This lever targets emissions embedded in purchased goods and construction supply chain.

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Dependent: Nature strategy — nature action plans developed for all sites

In line with Landsec's nature strategy, nature action plans have been developed for all sites. Zero waste is sent to landfill with 65% of operational waste recycled. This supports Landsec's broader ESG framework focused on enhancing nature and green spaces and using resources efficiently.

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Acquired 92% stake in Liverpool ONE for £490m

Landsec acquired a 92% stake in Liverpool ONE for £490m (£455m initial), a top UK retail destination. 7.5% income return with 10%+ IRR. This is a major retail acquisition.

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Acquired 17.5% stake in Bluewater for £120m

Landsec acquired a 17.5% stake in Bluewater (Kent) for £120m at 8.5% income return with 11%+ IRR. Multiple new lettings to leading brands followed.

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2024

sustainability report ↗cdp response ↗

Climate · carbon footprint (tCO2e)

Scope 1	5,809
Scope 2 (market-based)	2,760
Scope 3	204,709
Cat 1 · Purchased goods	35,354
Cat 2 · Capital goods	73,355
Cat 3 · Fuel + energy	6,575
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	605
Cat 6 · Business travel	274
Cat 7 · Employee commuting	131
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	0
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	88,415
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	213,278
Offsets retired	(20,855)
Net carbon footprint	192,423

Energy (kWh)

Electricity	130M
Fuel (stationary + mobile)	45.5M
Heat / steam	9M
Total energy	186.8M
Renewable energy	(130M)
Non-renewable / hydrocarbon	56.8M
Renewable electricity %	100%

Governance

esg linked executive pay yn

1binary

P&L highlights (USD)

Headcount (FTE)	600people
Revenue	824M
Total operating expenses	(77M)

Events 2024· 23

Mixed-use urban sub-segments reclassified by geographical location

Previous Mixed-use urban sub-segments have been changed to a classification based on geographical location (London vs Major regional cities), which is better aligned to how assets are managed internally.

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Primary: Energy intensity reduction across operational portfolio

Landsec has achieved an 18% reduction in energy intensity (kWh/m2) compared with the 2019/20 baseline in 2023/24. The portfolio is 49% rated EPC B or above and is 100% compliant with 2023 MEES regulations. Ongoing EPC upgrade activity is expected to grow the proportion of EPC B and above assets towards the 2030 target.

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Primary: Building electrification: replacing gas boilers with air-source heat pumps across London office portfolio

As the most effective way to decarbonise a building, Landsec is replacing over 50 gas-fired boilers with highly efficient air-source heat pumps across its London workplace locations as part of the £135m NZTIP. Works commenced at 16 Palace Street and Dashwood House in 2023/24, with three further buildings planned for the coming year. The heat pump programme is expected to deliver a 40% CO2 reduction and 30% energy reduction per building. Projects follow a phased 5-stage process (feasibility through construction) while buildings remain occupied.

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Dependent: Supply chain sustainability via 300+ suppliers signed to Supply Chain Commitment

Over 300 suppliers have signed up to Landsec's Supply Chain Commitment, committing to address key sustainability issues. Landsec is building strategic supplier relationships to enhance sustainable practices throughout the supply chain, supporting reduction of Scope 3 emissions associated with construction and operations.

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Primary: Air source heat pump installation under Net Zero Transition Investment Plan

Landsec is progressing its Net Zero Transition Investment Plan with the installation of air source heat pumps at its first two office sites. This programme aims to bring 50% of the office portfolio to EPC B by 2025, reducing operational energy demand and Scope 1/2 emissions. The plan targets a 47% reduction in absolute Scope 1, 2 and 3 emissions by 2030 versus the 2019/20 baseline.

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Dependent: Supply chain decarbonisation: Supply Chain Commitment requiring SBTi targets, ConcreteZero and SteelZero membership

With ~50% of Landsec's total emissions arising from its supply chain (purchased goods & capital goods), Landsec requires all suppliers to sign its Supply Chain Commitment, which mandates setting science-based carbon reduction targets, procuring renewable energy, and reporting emissions. Over 300 suppliers have signed as of 2023/24, including ~80% of strategic suppliers. Landsec is a founding signatory of SteelZero (committing to 50% low-emission steel by 2030, 100% by 2050) and ConcreteZero (30% low-emission concrete by 2025, 50% by 2030). Facilities management re-tender required all service partners to commit to SBTi-validated targets. Suppliers are supported through the Supply Chain Sustainability School platform.

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100% REGO-backed renewable electricity since 2016; target 85% of all energy from renewables by 2030

Since 2016, all electricity purchased within Landsec's corporate contract with SmartestEnergy has been certified as originating from 100% REGO-backed renewable sources, third-party assured by the Carbon Trust. Landsec is a member of RE100. As part of its £135m NZTIP, the firm is increasing on-site renewable generation from 1.4MW currently to nearly 5MW by 2030, through solar PV installations at retail assets (e.g. White Rose Leeds 0.8MW, Gunwharf Quays under construction March 2024). A broader target of 85% of total energy (all carriers) from renewable sources by 2030 has been set, with 68% achieved in 2023/24 (up from 66% base in 2020/21), supported by electrification of heating (replacing gas boilers with air-source heat pumps) to reduce the gas share of total energy consumption.

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ISO 14001 and ISO 50001 certifications maintained

Landsec continues to operate all assets under its company-wide Environmental and Energy Management System certified to ISO 14001 and ISO 50001. Next renewal due December 2025.

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Asset divestments reduced Scope 1+2 emissions by 297 tCO2e

Two assets were disposed of during the 2023/24 reporting period, leading to a decrease in combined Scope 1 and 2 carbon emissions of 297 tCO2e (2.2% of prior year total).

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Offset residual upfront embodied carbon at project completion using VCS/Gold Standard credits; plan permanent removals for residual 10% by 2040

Landsec currently purchases and cancels voluntary carbon credits for beyond-value-chain mitigation, primarily to offset residual upfront embodied carbon from completed developments at practical completion. In 2023/24, 20,855 tCO2e of credits were retired across four VCS projects (Guanaré Forest afforestation and Inner Mongolia improved forest management). The firm applies a minimum internal carbon price of £30/tonne aligned to market prices for high-quality credits. In line with the Oxford Principles and SBTi guidance, Landsec's long-term strategy is to transition from nature-based emissions reduction projects towards permanent carbon removal with low reversal risk by 2040. The residual 10% of emissions that cannot be reduced by the 2040 net-zero target will be neutralised through permanent carbon removals.

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2023

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	5,809
Scope 2 (market-based)	2,761
Scope 3	204,709
Cat 1 · Purchased goods	35,354
Cat 2 · Capital goods	73,355
Cat 3 · Fuel + energy	6,575
Cat 5 · Waste in operations	605
Cat 6 · Business travel	274
Cat 7 · Employee commuting	131
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	0
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	88,415
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	213,279
Net carbon footprint	213,279

Energy (kWh)

Electricity	131.4M
Fuel (stationary + mobile)	45.5M
Heat / steam	9M
Total energy	185.9M
Renewable energy	(935,251)
Non-renewable / hydrocarbon	185M
Renewable electricity %	98%

Nature

waste generated t	28,448tonnes
water withdrawal m3	897,850m3
waste landfill t	0tonnes
waste recycled t	18,829tonnes

Social

training hours per employee	7hours
workforce female pct	51%
ethnicity minority pct	20%
workforce management female pct	40%
employee turnover pct	11%
community investment amount	28.5MGBP
workforce board female pct	40%
h s fatalities	0count
gender pay gap median pct	28%
gender pay gap mean pct	29%

P&L highlights (USD)

Headcount (FTE)	623people
Revenue	—

Events 2023· 16

Dependent: Supply chain decarbonisation via Supply Chain Commitment

Over 300 suppliers (~80% of strategic suppliers) signed up to Supply Chain Commitment since 2022. Mandatory climate change training launched via Supply Chain Sustainability School in September 2023, completed by 60% of Landsec colleagues. D&I criteria embedded in procurement process.

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Updated SBTi net-zero targets, baseline shifted from 2013/14 to 2019/20

In March 2023, Landsec updated its carbon reduction targets aligned with SBTi Net-Zero Standard. Near-term: 47% absolute reduction by 2030 from 2019/20 baseline. Long-term: 90% by 2040. Baseline updated from 2013/14 to 2019/20.

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Launched 'Let Nature In' nature strategy and first TNFD disclosure

Published new nature strategy 'Let Nature In' in 2024, with BNG, EBN, and UGF targets for operational assets and developments. Signed up as TNFD Early Adopter.

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Set 85% renewable energy target by 2030

Commitment to source 85% of total energy (electricity, gas, heating and cooling) consumption from renewable sources by 2030.

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Offsets purchased at practical completion of new buildings (UKGBC-aligned)

After exhausting upfront reduction opportunities, Landsec offsets the remainder of upfront embodied carbon at practical completion in alignment with UK Green Building Council guidelines. The firm does not explicitly disclose use of durable removals (DAC/BECCS/biochar); offsetting approach is project-by-project for completed developments.

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Dependent: Downstream leased assets — tenant energy engagement

Downstream leased assets (tenant energy use) is the largest single Scope 3 category at 88,415 tCO2e in 2023/24. Landsec engages FRI tenants and retail brand partners, achieving 69% primary tenant energy data coverage. 38 energy audits completed since 2021/22 covering 56% of total office tenant consumption; identified annual savings of 10-40% for most customers; first 18 occupiers in engagement programme achieved 20% electricity reduction vs 2019/20.

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Added 'mixed' ethnicity as separate category

In 2023/24, mixed ethnicity reported separately; previously included under 'other'.

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68% renewable energy via long-term fixed-rate contracts; on-site solar build-out

Landsec sources 68% of total energy from renewable sources (target 85% by 2030) and 98% of electricity from renewables. The company avoids PPAs (0% via PPA) but reduces exposure to wholesale markets by buying longer-term, fixed-rate renewable contracts, and is assessing Corporate PPAs. 1.4 MW of on-site renewable electricity capacity installed against a 3MW by 2030 target; construction began at Gunwharf Quays in March 2024 with feasibility studies completed at Braintree Village and Trinity Leeds.

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Primary: Embodied carbon reduction in new developments

Capital goods (incl. embodied carbon from development) is one of Landsec's two largest Scope 3 categories. Lifecycle assessments (RICS 1st Ed, BS EN 15978) on all developments; 40% average reduction in upfront embodied carbon achieved against 50% target by 2030. Levers include asset retention (80% structure retained at Timber Square), structural grid reduction (~10% concrete saving at Republic Manchester), low-carbon materials (115 tonnes of reused steel at Timber Square, hybrid steel-CLT structures).

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Maintained ISO 45001 and BS 9997 certifications

Maintained ISO 45001 (H&S) certification and BS 9997 (fire safety management system) certification through independent reassessment.

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2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	7,151
Scope 2 (market-based)	2,054
Scope 3	195,875
Cat 1 · Purchased goods	21,623
Cat 2 · Capital goods	76,397
Cat 3 · Fuel + energy	7,765
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	516
Cat 6 · Business travel	40
Cat 7 · Employee commuting	159
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	0
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	89,374
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	205,080
Net carbon footprint	205,080

Energy (kWh)

Electricity	129.6M
Fuel (stationary + mobile)	52.2M
Heat / steam	9.7M
Total energy	191.6M
Renewable energy	(1.1M)
Non-renewable / hydrocarbon	190.4M
Renewable electricity %	98%

Nature

waste recycled t	17,126tonnes
waste generated t	24,245tonnes
water withdrawal m3	823,441m3
waste landfill t	0tonnes

Social

ethnicity minority pct	17%
community investment amount	5.1MGBP
workforce female pct	51%
training hours per employee	11hours
workforce board female pct	56%
employee turnover pct	24%
h s fatalities	0count

Governance

audit assurance climate levelⓘ

1level

P&L highlights (USD)

Headcount (FTE)	565people
Revenue	—

Events 2022· 20

Primary: EPC B by 2030 portfolio upgrade

Investing £135m across existing portfolio to ensure carbon emissions reduce in line with science-based target and portfolio achieves minimum EPC B by 2030. Currently 36% of total portfolio ERV is already EPC B or above, aligned with UK MEES 2030 requirements.

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Water consumption target set for new developments: 16L/person/day

Landsec set a water reduction target for new developments to achieve 16L/person/day (commercial) and maximum 105L/person/day (residential). Target year 2030, base year 2022/23. Currently achieved and maintained.

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Restated Capital goods emissions for 2021/22 and 2022/23

Capital Goods emissions for 2021/22 and 2022/23 have been restated due to previously double-counting emissions for one development project.

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Refrigerant gas data methodology changed

Scope 1 (refrigerant gases) emissions for 2022/23 have been restated due to a change in the refrigerant gas data collection methodology. Data now reported based on input date rather than delivery date.

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Energy intensity target tightened to 45% reduction by 2030

This year we increased the ambition level of our energy reduction target to ensure we meet our science-based target. Updated target is 45% reduction by 2030 vs 2013/14 baseline (up from previous target).

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Increased primary data share for tenant energy in Cat 13

Continued to increase the share of primary data relating to tenant energy usage (now at 57%, an increase from 44% last year), thereby increasing data accuracy of downstream leased assets emissions.

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BS 9997 fire safety management certification achieved

This year we achieved certification to BS 9997 for our fire risk management system, in addition to maintaining ISO 45001.

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Target 85% renewable energy by 2030; 98% renewable electricity already

Landsec aims to source 85% of total energy (electricity, gas, heating and cooling) from renewable sources by 2030. Currently at 66% of total energy and 98% renewable electricity. Targeting 3MW of renewable electricity capacity by 2030, with 1.4MW on-site capacity already and feasibility studies underway at two shopping centres. Continues to explore Power Purchase Agreements (PPAs) for direct purchasing from renewable projects.

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Dependent: Tenant energy reduction in downstream leased assets

Downstream leased assets (Cat 13) represent 40.4% of total value chain emissions - the largest scope 3 category. Engaged over 80 office customers on sustainability plans and conducted 'energy deep dives' with 15 occupiers to identify energy reduction opportunities. Increased primary tenant energy data from 44% to 57%.

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Dependent: Responsible sourcing of construction materials

100% of core construction materials sourced with responsible sourcing certification. Construction waste recycling rate 99.46% across six development sites, with 99.95% diversion from landfill.

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2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	7,554
Scope 2 (market-based)	2,079
Scope 3	205,235
Cat 1 · Purchased goods	34,004
Cat 2 · Capital goods	84,261
Cat 3 · Fuel + energy	5,052
Cat 4 · Upstream transport	0
Cat 5 · Waste in operations	284
Cat 6 · Business travel	33
Cat 7 · Employee commuting	168
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	0
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	81,433
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	214,868
Net carbon footprint	214,868

Energy (kWh)

Electricity	120.5M
Fuel (stationary + mobile)	40.2M
Heat / steam	9.1M
Total energy	169.7M
Renewable energy	(1.2M)
Non-renewable / hydrocarbon	168.6M
Renewable electricity %	98%

Nature

water withdrawal m3	704,573m3
waste recycled t	8,708tonnes
waste generated t	13,340tonnes
waste landfill t	0tonnes

Social

workforce management female pct	38%
gender pay gap mean pct	1ratio
training hours per employee	7hours
workforce female pct	52%
ethnicity minority pct	17%
h s fatalities	0count
workforce board female pct	50%
employee turnover pct	14%
community investment amount	6.6MGBP

Governance

audit assurance climate levelⓘ	1level
internal carbon price usd per tco2eⓘ	80GBP per tCO2e

P&L highlights (USD)

Headcount (FTE)	579people
Revenue	—

Events 2021· 18

Dependent: Tenant/downstream leased asset energy reduction (Scope 3 cat 13)

Downstream leased assets emissions of 81,433 tCO2e in 2020/21 (35.2% of total value chain) - energy consumed by customers within Landsec assets. Engage tenants through metered energy data sharing, energy data insights and helping customers carry out energy efficiency projects. Tenant data either Landsec-procured (rechargeable) or tenant-procured (collected directly from FRIs/large occupiers).

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SBT increased ambition to 1.5°C scenario

In 2019 Landsec increased the ambition of its science-based target, aligning carbon reductions with a 1.5°C scenario. Target is to reduce absolute carbon emissions by 70% by 2030 from 2013/14 baseline, replacing previous 40% carbon intensity target.

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Expanded waste commitments to include construction

Expanded waste commitments to include both operational and construction waste. Recycling 99% and diverting 99.9% of construction waste from landfill.

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25% biodiversity net gain target by 2030

Achieve a 25% biodiversity net gain across five operational sites currently offering the greatest potential, by 2030. Partnership with The Wildlife Trusts.

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Restated energy baseline - removed adjustments

In 2020/21 updated reporting methodology by removing three adjustments (kWh electricity equivalent, degree day correction, removal of cooking gas). Previous years' performance and baseline year restated to reflect actual energy consumption.

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75% recycling target extended to 2030

Extended commitment for 75% recycling to 2030 to align with expanded new construction waste commitments, after missing 2020 deadline (achieved only 65% due to Covid).

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First-time water data assurance

This is the first year we're having water consumption data third-party assured by EY, ensuring data accuracy to inform water management programme.

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3MW on-site renewable electricity capacity by 2030

Target to achieve 3MW of renewable electricity capacity by 2030. Current on-site capacity is 1.4 MW.

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Primary: All-electric heating transition and BMS optimisation

Transitioning towards all-electric solutions, scaling back fossil fuel-dependent boilers in favour of electric heating and cooling across operations. Use smart technology to gather data from building management systems in offices to control energy-intensive service equipment in line with occupancy. Improved efficiency and lifecycle of cooling systems through more optimal response to external temperatures.

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Covid-19 reduced operational emissions

Significant reduction in carbon emissions as a result of lower occupancy and operational hours due to Covid-19 restrictions. 22% reduction in carbon emissions vs prior year primarily driven by pandemic, not structural improvement.

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2020

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	9,158
Scope 2 (market-based)	2,223
Scope 3	235,031
Cat 1 · Purchased goods	48,787
Cat 2 · Capital goods	69,123
Cat 3 · Fuel + energy	6,919
Cat 4 · Upstream transport	2
Cat 5 · Waste in operations	770
Cat 6 · Business travel	270
Cat 7 · Employee commuting	166
Cat 8 · Upstream leased	0
Cat 9 · Downstream transport	0
Cat 10 · Processing of sold	0
Cat 11 · Use of sold products	0
Cat 12 · End-of-life	0
Cat 13 · Downstream leased	108,995
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	246,412
Net carbon footprint	246,412

Energy (kWh)

Electricity	164.7M
Fuel (stationary + mobile)	71.6M
Heat / steam	12.7M
Total energy	248.9M
Renewable energy	(1.1M)
Non-renewable / hydrocarbon	247.8M
Renewable electricity %	97%

Nature

waste recycled t	26,581tonnes
water withdrawal m3	1.1Mm3
waste landfill t	0tonnes
waste generated t	36,272tonnes

Social

gender pay gap mean pct	2ratio
workforce management female pct	30%
ethnicity minority pct	17%
workforce female pct	52%
training hours per employee	21hours
h s fatalities	0count
workforce board female pct	44%
employee turnover pct	27%
community investment amount	4.8MGBP

Governance

audit assurance climate levelⓘ	1level
esg linked executive pay yn	1boolean
board diversity pct	44%

P&L highlights (USD)

Headcount (FTE)	569people
Revenue	—

Events 2020· 14

Primary: Energy efficiency in landlord-controlled common areas

Bespoke Energy Reduction Plans (ERPs) for every asset drive efficiency in landlord shared services. In 2019/20 committed to projects delivering over 5,500 MWh/year savings. At Hatfield Galleria Outlet Centre, corridor temperature sensors achieved 75.5% reduction in gas use and 13% overall energy reduction. Energy intensity reduced 22% vs 2013/14 baseline, on track for 40% by 2030.

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Migrated to ISO 45001 H&S standard

Successfully migrated from British Standard OHSAS 18001 to international H&S standard ISO 45001 in February 2020.

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100% REGO-backed renewable electricity, moving toward PPAs

Landsec continues to procure 100% renewable electricity across its portfolio via REGO-backed sources through its corporate contract. The firm is shifting procurement toward direct purchasing through Power Purchase Agreements (PPAs) to manage future energy price risk. On-site renewable electricity capacity stands at 1.5 MW with a 3 MW target by 2030. Member of Climate Group's RE100, EP100 and EV100. Renewable electricity reached 97% of total electricity in 2019/20.

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Primary: All-electric building services, phasing out fossil-fuel boilers

Transitioning towards all-electric solutions, scaling back fossil fuel-dependent boilers in favour of electric heating and cooling across operations. Drives down direct scope 1 emissions and aligns with grid decarbonisation. Design for Performance approach sets energy intensity targets for base building performance in commercial developments.

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Primary: Internal shadow carbon price for capital allocation

Implementing an internal shadow carbon price to drive investment toward cleaner projects, anticipating a potential future carbon price. Used to inform decision-making across investment, development, refurbishment and divestment decisions reviewed by Investment Committee and Property Committee.

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Social value target: £25m by 2025

Committed to create £25m of social value through community programmes by 2025; achieved £4.8m in 2019/20.

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Aligned sustainability programme with 12 UN SDGs

Aligned programme with UN SDGs including 1, 3, 4, 5, 7, 8, 9, 11, 12, 13, 16, 17.

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Offsetting residual emissions via carefully selected removals

As part of the net zero by 2030 strategy, Landsec will offset any remaining carbon emissions through 'carefully selected projects which actively take carbon out of the atmosphere' — a removals-led approach rather than avoidance credits. Removals applied only after maximising operational reductions, renewable energy procurement and embodied carbon reduction in developments.

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Dependent: Tenant energy engagement (downstream leased assets)

Downstream leased assets (cat 13) account for 40.4% of total value chain emissions and 46% of scope 3 — the firm's largest single category. Landsec works with customers to reduce these emissions via data insights, energy efficiency projects and supplying renewable electricity through corporate contracts. Cat 13 emissions reduced from 151,596 tCO2e (2017/18) to 108,995 tCO2e (2019/20).

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Dependent: Embodied carbon reduction in developments (capital goods)

Capital goods (cat 2) account for ~26% of total value chain emissions. Landsec sets project-by-project embodied carbon intensity and reduction targets measured against RIBA stage 3 design baseline. Across 21 Moorfields, Lucent, Nova East and Sumner Street, targeting overall 16% embodied carbon reduction (~30,000 tCO2e avoided). Lifecycle assessments per RICS Whole Life Carbon Assessment and BS EN 15978.

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