The Transition Fund:

As British Land is prioritising reductions in embodied carbon, they devised a powerful incentive for their teams to adopt low carbon materials and methods of development, which will in turn support the transition of the wider portfolio. Every tonne of embodied carbon produced from this year until 2030 will trigger an additional £60 payment. A proportion of this will be used to purchase accredited offsets, with the balance being ring-fenced in our new Transition Fund to provide capital to retrofit our standing assets.

In FY21, a transition plan will be created for each of our assets, detailing the measures required to reduce operational emissions and strengthen their resilience to climate change. These will aggregate into a portfolio-wide transition plan, detailing our journey to net zero in 2030.

In the same way that the Community Investment Fund has supported our social contribution over the last ten years, the Transition Fund will create a ring-fenced source of funding to help transition our portfolio to a more resilient, low carbon state.