Hammerson signs groundbreaking Climate Change Commitment

Shopping complex group, Hammerson is the first property company globally to launch Net Positive targets for carbon emissions, water demand, resource use and socio-economic impacts by 2030

Hammerson and 22 other leading commercial property owners have signed a groundbreaking commitment to tackle the growing risks of climate change through the delivery of net zero carbon real estate portfolios by 2050.

The commitment was developed following a CEO event hosted by Hammerson Chief Executive David Atkins and Alan Tripp, Head of UK at LaSalle Investment Management, for the 30 members of the Better Buildings Partnership (BBP).

The event celebrated the 10th anniversary of the BBP and at the dinner the senior industry leaders agreed that property owners need to take urgent, collective and unprecedented action to respond to the challenges of climate change and address the risks it poses to their investment portfolios.

The commitment highlights the need for buildings to be net zero carbon by 2050 and commits signatories to publicly publish their own pathways to achieving this by the end of 2020.

These pathways will cover new and existing buildings, both operational carbon and embodied carbon, and critically, include the impact of the energy consumed by the buildings’ occupiers.

Signatories will also report annually on the progress against their pathways and disclose the energy performance of their portfolios, demonstrating a clear intention to improve transparency within the market.

In 2017, Hammerson was the first property company globally to launch Net Positive targets for carbon emissions, water demand, resource use and socio-economic impacts by 2030 and these remain the most comprehensive and challenging sustainability targets across the industry.

Hammerson has already achieved significant reductions in resource use; during the first half of 2019, electricity use was down -12%, gas use was down -21%, carbon use was down -13%, and water use was down -14%.

Louise Ellison, Head of Sustainability at Hammerson, said, “The BBP has always focused on enabling industry collaboration to deliver more sustainable outcomes.

'The Climate Change Commitment is an excellent example of this approach in action and, with so much support already, has the capacity to deliver lasting, valuable impact in the fight against climate change.

'I am delighted that Hammerson have been able to support the development of the Commitment and join with such an influential group of signatories to this important initiative.”

Sarah Ratcliffe, CEO at Better Buildings Partnership, said, “The significance of this commitment cannot be under-estimated – the signatories have over £300bn AUM spanning diverse UK, European and global portfolios.

'These senior leaders have acknowledged the scale and urgency of action on climate change that is required, have committed to delivering net zero carbon portfolios, to improving transparency and driving market transformation.

'The BBP is proud to count these industry leaders as its members and looks forward to working with them to make net zero carbon buildings a reality.”

Hammerson's Cabot Circus in Bristol is pictured.