In October 2019 we committed to making our entire portfolio Net Zero Carbon by 2040 as part of our ongoing efforts to act responsibly and reduce our impact on the environment. This is our ‘Mission 2040’.
The built environment, responsible for more than 30% of global energy consumption, has a responsibility to find solutions and reduce carbon emissions. We believe that we can make a significant impact by improving the environmental performance of our assets under management. We have committed to making our entire portfolio Net Zero Carbon by 2040. Our ‘Mission 2040’ campaign is aligned with the World Green Building Council’s definition of Net Zero Carbon (NZC), which states buildings should be highly energy efficient and fully powered from on-site and/or off-site renewable energy sources. How we will go about this? View our roadmap
We will continue to use the BREEAM In-Use approach to continuous improvement at asset level. We assess each asset’s operational performance across 8 categories, to set targets and track progress towards those. The BREEAM methodology helps us measure the environmental performance of our buildings and ultimately make them better and more future-proof.
To demonstrate what Mission 2040 looks like, we have selected four signature projects to learn but also demonstrate what actions are needed to make buildings Net Zero Carbon and that our ambition is achievable. Our four signature projects comprise a retail transformation project, a residential development, an inner-city shopping centre project and on-site renewable energy generation project.
We raised our ambition level for redevelopments to BREEAM In-Use “Excellent”. We assume a higher BIU rating translates to more positive impact and helps us to enhance the value and quality of the property portfolio, reduce the risk of obsolescence over the long term and enable compliance with incoming legislation.
In line with our ambition we’ve already started this journey.
We believe in future-proofing our assets and making these more sustainable, both economically, socially and environmentally. We aim to create vibrant places that will retain their appeal for future generations and to improve both the environmental and social impact on local communities and businesses where each asset is located.
We support projects and industry initiatives through the Redevco Foundation. The Redevco Foundation aims to find projects that promote and catalyse initiatives, within the commercial real estate sector, that endeavour to increase the understanding of and accelerate the transition to a more sustainable, low carbon and circular built environment and might not be able to be realised without our funding. We’ve supported successful projects with partners including UKGBC, DENEFF, BPIE and Ecomatters.
Whilst the footprint of our assets under management has a significantly larger impact on the environment, we also consider the footprint of our own internal operations. These CO2 emissions come primarily from the energy use of our offices, air travel and the emissions from company cars. If we want to inspire our client investors and our tenants we need to lead by example in our own operations and show that every bit counts.