Sustainable Energy

The UK's biggest commercial real estate company is making its buildings greener

Peter Macdiarmid | Getty Images

Commercial real estate giant Land Securities has announced its plans to cut greenhouse gas emissions from its buildings by 80 percent by 2050 have been given the seal of approval by the Science Based Targets initiative.

The initiative is a partnership between the international not-for-profit organization CDP, the UN Global Compact, the World Resources Institute, and the WWF.

Land Securities said it now had a "clear pathway for its commitment to cut emissions."

In addition, the business said it was looking to cut greenhouse gas (GHG) emissions 40 percent per square meter by 2030, using 2014 as a base-year.

The largest listed commercial real estate company in the U.K., Land Securities says its £14.5 billion ($17.8 billion) portfolio encompasses 23.6 million square feet.

"We are delighted to have our industry-leading GHG target acknowledged by the Science Based Targets initiative," Robert Noel, chief executive of Land Securities, said in a statement.

"The approval reaffirms the ambition of our sustainability programme and our commitment to leading the sector," Noel added. "Reducing energy consumption will be the primary vehicle in achieving our goals."

Sustainable initiatives by Land Securities include the installation of a hydrogen fuel cell at its property at 20 Fenchurch Street, in the City of London.

Thursday also saw the business state it had signed up to The Climate Group's EP100 campaign, and that it had committed to double energy productivity "within 20 years, from a baseline year of 2014."

"We are pleased that Land Securities is demonstrating bold and ambitious leadership by joining EP100 and committing to double energy productivity," Damian Ryan, acting chief executive of The Climate Group, said.

"Energy productivity is about getting more economic output from each unit of energy," Ryan added.

"Doing more with less makes good business sense, and enables companies to reap the multiple benefits that comes with transitioning to a net zero economy."