Landsec has updated its carbon reduction targets to align with the Science Based Targets Initiative’s (SBTi) new Net Zero Standard.
In 2016, Landsec’s carbon emission target was approved by the SBTi, but in response to the scale and urgency of the climate crisis the organisation published new criteria for validating science-based net-zero targets following COP26, ‘increasing expectations on business to make rapid and deep emission cuts across their value chain’.
In response to the new standard, Landsec has committed to a near-term target of reducing its direct and indirect greenhouse gas emissions by 47% by 2030 from a 2020 base year and in the longer term the developer is committed to reaching net zero, targeting a 90% reduction in absolute emissions from a 2020 base year by 2040.
Jennie Colville, head of ESG and sustainability at Landsec said: “As we transition to a low carbon economy, transparency and consistency are key to ensuring businesses are taking the right actions that are aligned with the goals of the Paris Agreement. We’ve made great strides forwards since science-based targets were first introduced, but the lack of a common definition of net-zero has meant targets have been inconsistent which has ultimately undermined the credibility of corporate net-zero goals.
“Having a clear methodology aligned with the climate science and a robust process for validating targets will help companies make meaningful progress towards reaching net-zero. Revisiting our own science-based targets has allowed us to further challenge ourselves and gives us a clear framework for success. The path to net-zero won’t be easy, but by working with our customers, supply chain and the wider industry there is a real opportunity to build a greener, fairer society.”
