Climate change mitigation is a cornerstone of our ESG strategy. In recent years, we have made significant progress, notably with a 28% decrease in greenhouse gas emissions in 2019/20, compared to our original 2012/13 baseline. We are now taking our climate ambitions one step further, with our net zero carbon strategy.
To reach our goal to become a net zero carbon business by 2030, we are reducing our emissions across our operations and value chain in line with our approved science-based targets, which are in turn aligned with limiting global temperature rise to 1.5°C above pre-industrial levels.
- Committed to becoming a net zero carbon business by 2030
- Green corporate bond to finance and refinance green projects
- Continue to source 100% renewable electricity
- Provision of sustainable transport facilities
- Rollout of solar PV panels
- Working with customers to reduce heat and waste generation and improve recycling rates
Areas of focus
Relevant Sustainable Development Goals
Green Finance
Our focus on sustainability is embedded across all our decision-making processes, including our financing strategy. This year, Workspace developed a Green Finance Framework, under which it can raise debt to support the financing and refinancing of activities of an environmental nature. These are collectively known as Green Debt Instruments (‘GDIs’).
In March 2021, Workspace issued its first green bond, in accordance with the Green Finance Framework.
The £300m of proceeds will be used to finance or refinance eligible green refurbishment and redevelopment projects, reinforcing the role Workspace plays in the employment-led regeneration of areas across London as a long-term owner of historic and character buildings in the Capital.
Qoute IconThis green bond, which further strengthens our balance sheet, is the first issued under our Green Finance Framework, which will continue to be a core pillar of our financial strategy and underscores our commitment to sustainable investment and development practices.
Ink Rooms in Clerkenwell
Workspace transformed Ink Rooms’ ageing office space to create a vibrant business centre with four floors of modern office and studio space.
Ink Rooms achieved a “Very Good” BREEAM Refurbishment and Fit-out rating, performing particularly well in the management, energy, transport and water sections of the assessment. The building also holds a B-rated Energy Performance Certificate. The project achieved a 41% reduction in carbon emissions compared to pre-refurbishment levels, going from 37.25 kgCO2/m2 to 22.13 kgCO2/m2.
Features of Ink Rooms’ sustainable design
TRANSPORT
The site offers 41 indoor secure cycling bays and five showers and changing facilities.
BIODIVERSITY
A green roof was included in the design, incorporating at least 16 different species.
HEALTH AND WELLBEING
The lighting was specified to guarantee visual performance and comfort, including daylight dimming controls. Temperature controls in each unit allow customers to adjust levels to match their needs.
ENERGY
Renewable energy is provided by the 12.81kWp solar PV system installed on the roof and low carbon energy is provided from air source heat pumps. Energy efficiency features include LED lighting with daylight sensors and motion detection, as well as energy efficient lifts.
WATER
The building is achieving an impressive 51% water use reduction over the BREEAM Baseline. Low flush toilets of 3.4 litres have been fitted as well as showers not exceeding 8 litres per minute. Water metering and a leak detection system were installed in order to continuously monitor and manage the consumption.
MATERIALS
100% of the timber used in construction was sourced from legal and sustainable forests (FSC and PEFC). The existing structure and external walls were retained, reducing the amount of new materials required.
WASTE
Construction waste has been reduced through careful procurement, and 1,392 tonnes of waste were diverted from landfill.
MANAGEMENT
The project scored 37/50 in the Considerate Constructors Scheme.