You are viewing 1 of your 1 free articles
L&G commits to making all new homes zero carbon by 2030
Investment giant Legal & General (L&G) has announced plans to make all of its new housing “operational net zero carbon enabled” by 2030.
The commitment includes all homes invested in or built by L&G, including build-to-rent, build-to-sell, ‘later living’ and affordable housing.
The asset management giant owns a variety of housing businesses such as a registered provider, L&G Affordable Homes, which currently has a pipeline of over 3,500 homes. These homes are delivered through Section 106 purchases and direct delivery from L&G and its partners.
Other businesses include later living providers Guild Living and Inspired Villages, which have a combined pipeline of 18 sites in development.
L&G also has a growing build-to-rent portfolio, which currently consists of 5,000 homes, and a modular housing business that aims to deliver 3,000 homes per year in 2024.
The move to net zero carbon will be implemented in a phased approach. L&G has already been piloting energy-saving initiatives throughout its various house building businesses.
READ MORE
The L&G Modular Homes product portfolio, which will form all future developments, meets the government’s EPC ‘A’ rating as standard. Currently, roughly 1% of new and existing dwelling in England and Wales meet this rating.
The government is currently considering consultation responses on the introduction of a new Future Homes Standard, which would see building regulations changed to drive down the carbon footprint of new homes after 2025.
Councils across the UK have been introducing stricter carbon zero targets through their local plans, however the government is currently considering limiting local authorities’ ability to set tougher sustainability targets.
Nigel Wilson, chief executive of L&G, said: “We have to build back better after COVID-19. Construction is rocket fuel for UK economic growth: every pound invested delivers a threefold economic multiplier and the housebuilding sector provides jobs and vital economic resilience. But as we accelerate building, we have to avoid stoking up a climate crisis that would be at least as serious as the COVID emergency.
“Across our own housing platform we continue to invest and progress planning for future developments, providing much-needed economic stimulus and accelerating the delivery of homes across the UK.
“We are doing this with climate firmly in mind. By enabling all new L&G homes to be operationally net carbon neutral within a decade, the emission of many tonnes of greenhouse gasses will be avoided, while saving customers money and meeting the needs of investors who increasingly focus on sustainable solutions.”
