Landsec — full event log

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.

sustainability_report p.36

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.

sustainability_report p.36

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.

sustainability_report p.36

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.

sustainability_report p.36

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).

sustainability_report p.36

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.

sustainability_report p.36

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.

sustainability_report p.36

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.

sustainability_report p.36

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.

sustainability_report p.17

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.

sustainability_report p.17

Landsec acquired the residual 25% stake in MediaCity (Greater Manchester) for £84m, taking full control of the estate. Allocation secured for 2,700 homes at Phase 2 land.

sustainability_report p.17

Landsec sold £655m of assets during the year, including the £400m hotel portfolio and £96m other non-core assets at broadly book value, plus £143m retail parks (post-year £159m of additional disposals).

sustainability_report p.18

Landsec targets a 47% reduction in absolute scope 1, 2 and 3 emissions by 2030 and 90% by 2040 from a 2019/20 baseline, with net zero by 2040. As at FY25 a 33% reduction in absolute carbon (tCO2e) and 23% reduction in energy intensity (kWh/m2) have been achieved. Progress is driven by the Net Zero Transition Investment Plan covering both operational and embodied carbon.

sustainability_report p.36

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.

sustainability_report p.7

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.

sustainability_report p.3

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.

sustainability_report p.123

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.

sustainability_report p.3

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.

sustainability_report p.3

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.

sustainability_report p.139

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.

sustainability_report p.206

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.

sustainability_report p.262

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).

sustainability_report p.178

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.

sustainability_report p.253

Landsec has completed BMS reviews and optimisations at 11 operational London assets, achieving expected energy savings of 5–15% per building. A 12-month AI trial with Brainbox AI at 80–100 Victoria Street demonstrated an additional 5% energy saving by controlling heating and cooling via deep learning. This initiative contributes to Landsec's target of a 52% reduction in energy intensity (kWh/m²) by 2030, with 18% reduction already achieved vs 2019/20 baseline. The £135m NZTIP funds these efficiency measures, which also support compliance with proposed MEES EPC B regulations by 2030.

sustainability_report p.121

In 2023/24, Landsec achieved a 24% reduction in absolute carbon emissions (tCO2e) compared with the 2019/20 baseline, and an 18% reduction in energy intensity (kWh/m2) vs the same baseline.

sustainability_report p.3

Following TNFD recommendations published September 2023, Landsec signed up as an Adopter and published its first TNFD statement. The 'Let Nature In' nature strategy was also launched, with site-specific Nature Action Plans created based on baseline ecological assessments across operational assets.

sustainability_report p.79

Approximately 40% of all energy consumed in Landsec's buildings comes from occupiers. Since 2021/22, Landsec has completed 38 energy audits for the highest energy-consuming office occupiers, representing 56% of total tenant consumption across the office portfolio. Identified savings of 10–40% per customer; the first 18 participating occupiers achieved a 20% electricity reduction vs 2019/20. The programme is ongoing and is directly reducing Cat 13 (downstream leased assets) emissions, which at 88,415 tCO2e represent the single largest Scope 3 category.

sustainability_report p.56

EY performed limited assurance on selected sustainability performance data and qualitative statements for the Annual Report 2024 and Sustainability Performance and Data Report 2024. Covers scope 1, 2, 3 emissions, energy, water withdrawals, and other sustainability metrics. Annual process.

sustainability_report p.172

Landsec has set a net zero target for 2040 with near-term SBTi-aligned targets: reduce absolute Scope 1, 2 and 3 emissions by 47% by 2030 from a 2019/20 baseline, and 90% reduction by 2040 from the same baseline.

sustainability_report p.3

Landsec is creating a 1.4m sq ft net zero office cluster across six sites in the Southbank area of London, including Red Lion Court, Liberty of Southwark, Timber Square Phase 1 & 2, Southwark Bridge Road and The Forge. New developments are explicitly described as net zero, targeting prime office rental growth of 4.7% p.a. for 2023-28 while meeting net zero carbon standards.

sustainability_report p.15

All new Landsec developments are designed and built as net zero carbon in accordance with the UKGBC framework, targeting upfront embodied carbon reductions of 50% vs a typical building by 2030 (target: ≤500 kgCO2e/m² offices, ≤400 kgCO2e/m² residential). Achieved 40% average reduction across the development pipeline in 2023/24. Key levers include: structural retention (The Forge 36% embodied carbon saving; Hill House retaining 58% of existing structure), design-out of material (e.g. removing raised-access floors, natural ventilation), use of reused/recycled materials (115t reused steel at Timber Square), and low-carbon specifications (GGBS cement replacement, cross-laminated timber). Residual upfront embodied carbon is offset at practical completion via Gold Standard/VCS credits.

sustainability_report p.46

Landsec is progressing its Net Zero Transition Investment Plan with installation of air source heat pumps at the first two office sites. The plan targets 50% of office portfolio at EPC B by 2025.

sustainability_report p.3

Landsec received GRESB 5-star rating for the eighth consecutive year and DJSI score 83/top 100th percentile, ranked 1st globally within REITs. Also achieved AAA MSCI ESG rating and Sustainalytics 9.2 negligible risk score.

sustainability_report p.4

Landsec targets an average 50% reduction in upfront embodied carbon compared with a typical building (referenced against GLA Whole Life Carbon Guidance: 1,000 kgCO2e/m2 GIA for offices) by 2030. As of 2023/24, they are tracking an average 40% reduction in upfront embodied carbon across the development pipeline, which includes committed office schemes Thirty High (SW1) and Timber Square (SE1).

sustainability_report p.3

While this appendix document does not detail specific renewable energy procurement volumes or PPA arrangements, Landsec's sustainability framework includes decarbonising the portfolio as a material issue and achieving net zero by 2040. The EPC upgrade programme (air source heat pumps, improved energy efficiency) supports a shift away from fossil fuels, with renewable electricity expected to underpin the electrification strategy across the office portfolio.

sustainability_report p.3

Landsec launched a new nature strategy called 'Let nature in' to enhance nature across their spaces, reflecting growing focus on biodiversity and green spaces across the portfolio.

sustainability_report p.3

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.

sustainability_report p.8

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.

sustainability_report p.9

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.

sustainability_report p.31

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

sustainability_report p.4

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.

sustainability_report p.11

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.

sustainability_report p.9

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

sustainability_report p.25

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.

sustainability_report p.41

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).

sustainability_report p.11

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

sustainability_report p.8

Reduce average upfront embodied carbon by 50% compared with a typical building by 2030. Current performance 40% reduction.

sustainability_report p.4

In March 2023, Landsec updated its science-based targets to align with the SBTi Net-Zero Standard. Near-term target: reduce absolute Scope 1, 2 and 3 GHG emissions 47% by 2030 from a 2019/20 baseline. Long-term target: reduce 90% by 2040. These cover all relevant scope 3 categories. Previously targets were aligned to 1.5°C but not against SBTi Net-Zero Standard.

sustainability_report p.218

As part of NZTIP, expects half of office portfolio at EPC B by 2025 and full portfolio meeting proposed MEES by 2030. 53% of portfolio EPC A-B in 2023/24 (up from 35% in 2022/23) driven by new developments and ~450 new EPC assessments.

sustainability_report p.22

Landsec committed to reaching net zero GHG emissions across the value chain by 2040 from a 2019/20 baseline, in line with the SBTi Net-Zero Standard. Residual 10% emissions to be neutralised via permanent carbon removals.

sustainability_report p.250

Following the update of SBTi targets in March 2023, Landsec revised its energy intensity target from the previous 2013/14 baseline to a 2019/20 baseline, committing to a 52% reduction in energy intensity (kWh/m²) by 2030 for properties under operational control for at least two years.

sustainability_report p.241

Energy intensity reduced 18% vs 2019/20 baseline against 52% by 2030 target. Reductions delivered by active energy management, optimisation of building controls, lighting upgrades and the Net Zero Transition Investment Plan (NZTIP). BMS reviews completed at 11 operational London assets with 5-15% expected savings; 12-month BrainBox AI trial at 80-100 Victoria Street targeting an additional 5% savings.

sustainability_report p.10

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.

sustainability_report p.30

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.

sustainability_report p.306

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

sustainability_report p.9

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.

sustainability_report p.17

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).

sustainability_report p.8

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.

sustainability_report p.12

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

sustainability_report p.5

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.

sustainability_report p.37

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%.

sustainability_report p.12

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.

sustainability_report p.9

New target: achieve a 15% uplift in biodiversity for all new developments by 2030.

sustainability_report p.3

Figures for Retail and Other restated from previous years - retail parks previously reported under Retail are now reported under Other.

sustainability_report p.13

First year linking a proportion of all colleagues' remuneration to delivery of energy and carbon targets.

sustainability_report p.5

Net zero strategy includes offsetting remaining emissions through carefully selected projects which actively take carbon out of the atmosphere. Details of carbon emissions offset and number/type of offsetting schemes are disclosed in the Annual Report 2022 Build well section.

sustainability_report p.37

Capital goods are 39% of total scope 3. Lifecycle assessments on all development projects following RICS Whole Life Carbon Assessment and BS EN 15978. Targeting overall reduction of 22.1% in embodied carbon across five developments, avoiding over 50,000 tCO2e. New target: reduce average embodied carbon by 50% by 2030 via asset retention, smart design and sustainable materials.

sustainability_report p.12

New target to reduce average embodied carbon by 50% compared with a typical building by 2030 by prioritising asset retention, smart design and using sustainable materials.

sustainability_report p.3

Undertake water management assessment across assets under our operational control and set water targets by 2023.

sustainability_report p.3

From a 2020 baseline, deliver £200 million of social value in local communities by 2030, addressing social issues relevant to each area. Also empowering 30,000 people facing barriers into employment by 2030.

sustainability_report p.4

Reviewed embodied carbon targets for new developments. Next year will focus on overall embodied carbon intensity rather than percentage reduction from design stage to encourage structural retention and material reuse.

sustainability_report p.12

Reduce energy intensity by 45% by 2030 vs 2013/14 baseline. Implemented lighting upgrades and software modifications to BMS to optimise central plant. Committed to energy efficiency projects across portfolio expected to deliver over 8,600 MWh of savings per annum. Energy intensity reduced 34% since 2013/14.

sustainability_report p.11

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).

sustainability_report p.23

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.

sustainability_report p.18

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

sustainability_report p.3

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

sustainability_report p.5

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.

sustainability_report p.7

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).

sustainability_report p.19

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

sustainability_report p.32

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

sustainability_report p.3

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.

sustainability_report p.21

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.

sustainability_report p.18

This year aligning sustainability disclosures with Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) by including reference tables.

sustainability_report p.7

Adopted internal shadow carbon price at £80/tCO2e, anticipating potential future carbon price to inform decision-making process. Consistent with UN Global Compact guidance on carbon pricing and BEIS's forecast of carbon prices through to 2030.

sustainability_report p.42

In November 2021, Landsec established a £135m Net Zero Transition Investment Plan to fund: (1) replacing gas boilers with air-source heat pumps; (2) BMS optimisation and AI-controlled HVAC; (3) on-site solar PV capacity expansion; (4) customer energy efficiency engagement. Since launch, £8.2m invested as of 2023/24 (£5.9m in 2023/24 alone).

sustainability_report p.43

Launched supply chain sustainability questionnaire in 2020, now part of onboarding for all suppliers. Over 900 suppliers responded, representing over half of spend in 2020-21. Integrated primary supplier data into Scope 3 inventory to improve robustness of supply chain carbon data. Published Materials Brief to guide supply partners; 100% of key construction materials responsibly sourced.

sustainability_report p.48

Since 2016 all electricity procured has been REGO-backed renewable. Currently exploring opportunities to move procurement towards direct purchasing from renewable projects through Power Purchase Agreements (PPAs). On-site renewable electricity capacity stands at 1.4MW with target of 3MW by 2030. Self-generated renewable electricity reached 1,155,054 kWh in 2020/21. 98% of electricity from renewable sources in 2020/21.

sustainability_report p.4

Investing in comprehensive energy and carbon reduction programme across portfolio, including customer engagement on energy efficiency, BMS optimisation and low carbon heating feasibility studies (e.g. Air source heat pump). Identified and committed to implement energy efficiency projects that will lead to over 6,600 MWh of savings per annum. Energy intensity reduced 43% vs 2013/14 baseline.

sustainability_report p.21

To be truly net zero carbon in construction, a portion of offsets will always be required once all on-site emissions have been minimised. Ensuring offsets meet the eight principles laid out by the UKGBC to safeguard environmental integrity and guarantee quality and additionality. Offsetting any remaining carbon emissions through projects which actively take carbon out of the atmosphere.

sustainability_report p.48

Capital goods 41% of Scope 3 emissions (84,261 tCO2e in 2020/21). Set embodied carbon intensity and reduction targets for each development at design stage (RIBA stage 3), measured under RICS Whole Life Carbon Assessment methodology. Targeting overall 15.6% reduction across pipeline, avoiding over 38,000 tCO2e across four developments. All live developments target 100% of core construction materials manufactured within UK and Europe.

sustainability_report p.24

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.

sustainability_report p.3

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

sustainability_report p.2

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.

sustainability_report p.3

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.

sustainability_report p.34

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.

sustainability_report p.34

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

sustainability_report p.2

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

sustainability_report p.41

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.

sustainability_report p.34

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).

sustainability_report p.19

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.

sustainability_report p.18

Announced commitment to become a net zero carbon business by 2030, with five-stage plan including internal price for carbon.

sustainability_report p.3

Achieved original 40% intensity target 11 years early. Updated target to reduce absolute carbon emissions by 70% by 2030 vs 2013/14 baseline. First UK REIT with science-based target aligned to 1.5°C pathway.

sustainability_report p.13

As Landsec did not purchase biogas in 2019/20, scope 1 emissions are reported using only the location-based method. Previously (April 2017-March 2019) at least 15% of gas was biogas with market-based reporting.

sustainability_report p.8

Previous Retail Portfolio and London Portfolio segments split into three new segments: Office, Retail and Specialist. Piccadilly Lights moved to Specialist with leisure assets.

sustainability_report p.6

Since 2016, all electricity purchased within Landsec's corporate contract with SmartestEnergy has been certified as 100% REGO-backed renewable. Target achieved and maintained. Landsec is a member of RE100.

sustainability_report p.235