The first property company in the world has had its Science Based Targets approved.
Land Securities, the UK’s largest listed commercial real estate company, has had its commitment to cut emissions by 80% by 2050 certified by the Science Based Targets Initiative (SBTI).
The initiative is a collaboration between the WWF, UN Global Compact, CDP and the World Resources Institute.
It aims to help companies set ambitious greenhouse gas reduction targets in line with the Paris Agreement’s goal to limit global warming to well under 2°C.
Land Securities aims to work towards this ambitious goal by first reducing its greenhouse gas emissions by 40% per square metre by 2030.
The firm has also become the first property company to sign up to The Climate Group’s EP100 scheme, committing to double its energy productivity within 20 years.
Pedro Faria, Member of the SBTI Steering Committee from CDP, said: “Land Securities is showing great leadership within the global property industry.
“Besides ensuring it is playing a part in mitigating climate related risk, it is also positioning itself to futureproof growth as the world transitions to a low carbon economy.”
The group says the businesses that have had science-based targets approved are already experiencing a range of benefits, including increased innovation, reduced regulatory uncertainty, strengthened investor confidence and improved competitiveness.
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