The Better Buildings Partnership (BBP) has announced three new signatories to the BBP Climate Commitment.
Helical, Picton and Savills Investment Management bring the total number of property owners that have signed the groundbreaking Commitment to 33, covering over £380 billion in assets under management (AUM) worldwide.
On signing the commitment, organisations are required to publish a net zero carbon pathway for their portfolio including direct and indirect investments, together with a delivery plan. The commitment covers new and existing buildings, Scope 1, 2 and 3 emissions and both operational and embodied carbon – making it one of the most ambitious climate commitments for property owners.
Signatories also pledge to disclose the energy performance of their portfolios and develop comprehensive climate resilience strategies.
To support signatories, the BBP has published a Net Zero Carbon Pathway Framework, operates Net Zero Carbon and Climate Resilience Working Groups and has established an ‘Owner and Occupier Forum’ to enable BBP members to share knowledge and develop guidance that can be made available to the wider industry.
Helical plc is a London-focused office investment and development company. Helical’s Pathway involves an ambitious target of achieving Net Zero Carbon for both operational and embodied carbon by 2030 and includes case study buildings from their portfolio such as 33 Charterhouse Street with embodied carbon outcome 40% lower than the RIBA benchmark.
Picton, established in 2005, is a UK REIT that owns and actively manages a £849 million diversified UK commercial property portfolio, invested across 47 assets and with around 400 occupiers. Picton has committed to achieving net zero carbon for their operational and embodied emissions by 2040. As part of their commitment, Picton will also engage and work with occupiers to help them reduce emissions that relate to their occupation.
Savills Investment Management is an international real estate investment manager, managing a portfolio worth about €26.1 billion worldwide. Savills IM has committed to target NZC emissions across its assets under management and its own business by 2040 and to become a restorative business by 2050 – meaning it will seek to put more back into society and the planet than it takes out.
Sarah Ratcliffe, CEO, Better Buildings Partnership, said: “All of the signatories, including Helical, Picton and Savills IM should be acknowledged for the exceptional leadership that they are demonstrating, not only in committing to net zero, but also in setting out their plans for delivering on their targets.”
Matthew Bonning-Snook, property director and chair of sustainability committee, Helical plc, said: “We are pleased to become a signatory to the BBP Climate Commitment and join our fellow peers in tackling carbon emissions within the built environment. Our Net Zero Carbon pathway sets out our ambition to become net zero by 2030 for both operational and embodied carbon emissions. Furthermore, we are also committing to delivering all future developments as net zero carbon at the point of practical completion.”
Michael Morris, CEO at Picton, said: “Whilst we have been measuring and reducing emissions since 2016, we now have a longer-term comprehensive and transparent plan to achieve net zero carbon, 10 years ahead of the target set by the UK Government. We are pleased to have also become a signatory to the Better Buildings Partnership’s Climate Commitment and would encourage other owners of real estate to do the same, to ensure as an industry we do the right thing, collaborate and deliver a sustainable future for all our stakeholders.”
Alex Jeffrey, global chief executive, Savills IM, said: “Savills IM is proud to become a signatory of the BBP Climate Commitment. Our Net Zero Carbon pathway outlines our commitment to reducing global carbon emissions to net zero by 2040 with a clear aspiration to become a restorative real estate business. We understand the challenges that we will face to achieve this aspiration, acknowledging that collaboration with occupiers, the wider industry and government will drive success. Promoting and implementing ESG as part of our investment framework is central to our responsibility towards investors, clients, employees, and the wider community.”
The BBP published its Net Zero Carbon Pathway Framework to support signatories to its Climate Change Commitment in 2020.