Environmental performance

Our Greener Spaces pillar includes our commitment to achieve a net zero carbon portfolio by 2030.

In FY23 we have made good progress on our 2030 targets, with both embodied and operational carbon performance improving. Our embodied emissions methodology excludes completed developments but includes all committed and near term schemes in our average calculation. Our TCFD analysis is contained with our annual report and we have committed to BBP's definition of climate resilience: mitigate, adapt and disclose.

Programme level targets

2030 Strategy Indicator	2030 Target	FY23 Performance
Science Based Target - Reduction in Scope 1 and 2 emissions vs 2020	51%	11%
Science Based Target - Reduction in Scope 3 emissions intensity vs 2020	55% per sqm	14%

Embodied carbon targets

2030 Strategy Indicator	2030 Target	FY23 Performance
50% reduction in embodied emissions (RICS A1-A5) on new construction and major renovation projects vs 2019 industry benchmarks¹	Offices: 500kg CO₂e per sqm Retail & Residential: 450kg CO₂e per sqm	Offices: 646kg CO₂e per sqm Retail & Residential: 707kg CO₂e per sqm
100% of embodied emissions from completed new construction and major renovation projects (RICS A1-A5) offset using certified carbon offset credits	100%	0²
50% reduction in operational and end-of-life embodied emissions (B1-B5, C1-C4) at new developments vs 2019 industry benchmarks	Offices: 275kg CO₂e per sqm Retail & Residential: 250kg CO₂e per sqm	To be reported in future years

Operational carbon targets

2030 Strategy Indicator	2030 Target	FY23 Performance
75% operational carbon intensity reduction by 2030 vs 2019 baseline	75%	Offices: 40%^3,4 Shopping centres: 40%^3,5
25% whole building operational energy intensity improvement by 2030 vs 2019 baseline	25%	Offices: 22%^3,4 Shopping centres: 22%^3,5
Whole building operational efficiency for developments	Offices: 90kWhe per sqm Retail: 60kWhe per sqm Residential: 35kWhe per sqm	To be reported in future years
Landlord procured electricity from renewable sources	100%	88%

1. Our embodied carbon emissions now excludes developments completed in the year, all committed and near term schemes are included in the calculation. Data for FY22 has been updated from the 2022 Sustainability Accounts to reflect this change.
2. No new construction or major renovation projects completed in FY23 and so there were no embodied emissions to be offset.
3. A significant part of these reductions are due to altered working patterns because of Covid-19. We expect some of these improvements to unwind as office use and occupancy normalises.
4. Office data is reported on a whole building basis aligning with our targets.
5. Shopping Centre data is common parts only, whole building energy data will be reported from FY24.

For more detailed data, see our Sustainability Progress Report