Our sustainability statement of intent
The world of sustainability is complicated, but at GPE, our approach is simple.
We will decarbonise our business and ensure our spaces are adaptable and resilient to climate change by 2030. We will create a lasting positive social impact, whilst putting health and wellbeing front and centre.
Working with our supply chain partners who share our vision, we're using the latest technology and innovation to put our ideas and plans into practice, to help London thrive.
Statement of intent
Our sustainability statement of intent for 2030
Our Roadmap to Net Zero
Creating sustainable relationships
Our Statement of Intent “The Time is Now” sets out the four pillars of our approach to sustainability.
- Decarbonise our business to become net zero by 2030
- Design climate change resilient and adaptable spaces
- Create a lasting positive social impact in our communities
- Put health and wellbeing front and centre
Our statement of intent has been informed by our review of material risks and the alignment of our strategy with the UN Sustainable Development Goals (see Our Approach). Building on our strong track record, it sets out our simple approach to sustainability looking out towards 2030.
Decarbonise our business to become net zero by 2030
We will reduce energy intensity by 40% and carbon intensity by 69% at our occupied buildings by 2030 from our 2016 baseline; reduce embodied carbon at our developments, refurbishments and fit outs by 40% by 2030 and install renewable energy at our buildings. We will then offset residual emissions.
Our Roadmap to Net Zero sets out our approach in detail.
Design climate change resilient and adaptable spaces
We will increase biodiversity net gain, transition away from fossil fuels, prioritise renewable energy, and create adaptable buildings.
By 2022 we will set out our Climate Change Resilience strategy.
Create a lasting positive social impact in our communities
We will create at least £10 million of social value in our local communities by 2030, support charitable initiatives that directly benefit London communities, support education and employment initiatives and support our supply chain in eradicating Modern Slavery. For more on our community strategy, see community relationships. For more on our social impact, see Our Performance.
Put Health and Wellbeing front and centre
We will integrate wellbeing considerations into design, support initiatives that improve internal and external air quality across our portfolio and communities, and promote initiatives to support the health and wellbeing of our people, occupiers and supply chain partners.
Progress against targets is monitored by our Sustainability Committee and publicly reported on an annual basis.
To help ensure a consistent approach to sustainable building design and create a positive, long lasting social impact on the communities in which we work, our expectations and ambitions are outlined to our partners within Our Guiding Principles for Design. This is supported by our Sustainable development brief which sets out detailed guidance and deliverables for our development teams.
Additionally, our strategy to integrate the principles of social value throughout our business is summarised in our community strategy Creating sustainable relationships. Our community impact is reported on an annual basis here.
Our energy and carbon targets
Our ESG-linked revolving credit facility
In 2020, we signed an innovative ESG-linked revolving credit facility. It was the first to be issued by a UK REIT and incorporates three ESG-linked KPIs which align with our ambitious sustainability strategy. These KPIs include annual pre-agreed targets and are based on:
- Supporting our target to decarbonise our existing buildings by reducing our portfolio energy intensity by 40% by 2030;
- Supporting our target to build net zero carbon new buildings from 2030 by reducing the embodied carbon of our new build developments and major refurbishments; and
- Providing better quality urban greening measures by increasing the biodiversity net gain across our portfolio.