Best practice: British Land disclosed its recent Net-zero audits and Asset-levelplan

British Land

British Land is a UK-based fund with commercial properties, mainly office and retail assets, located one hundred percent in the United Kingdom and Northern Ireland. As of September 2023, British Land has £8.7 billion of assets under management, 20% of which are assets under development.

Asset-level business plans: Why it matters

As stated in the GREEN’s Investor Statement, GREEN’s signatories believe that developing transition pathways is a key driver to meet Paris goals. It is important that these pathways are supported with asset-level targets and viable and credible asset-level business plans, and disclosed to investors.

An example of an asset-level plan: Exchange House

In the 2030 Sustainability Vision deck, British Land shared their completion of net-zero audits on a portfolio scale in 2022. The company aims to incorporate the audit outcomes into the long-term planning process taking place in the period 2023 – 2024.

One of the audit outcomes was applied to an energy-efficient improvement program for Exchange House. The details of this asset-level implementation were showcased in British Land Sustainability Accounts 2022, with key takeaways below:

• All interventions shall improve the energy efficiency of the asset by 50%, exceeding its 2030 goal, and bring the current EPC label of the building from E to B;
• The combined cost of the interventions was £2.5 million, with a combined payback period of around 5 years;
• Breakdown cost (CAPEX) were shared for key interventions such as chiller optimization, hot water heat pump, heat pump replacement;