The Crown Estate has committed to achieving net-zero emissions by 2030 and to optimise the green energy potential of the UK’s seabed.
The 2030 net-zero goal aims to align with the 1.5°C target of the Paris Climate Agreement, after which the seabed landlord plans to be climate positive.
This commitment includes scope one, two and three emissions associated with the operation of directly managed assets.
It will also decarbonise its real estate portfolio across the country by reducing carbon embodied in development, improving energy performance of existing assets and procurement of 100% renewable energy across the portfolio.
The Crown Estate said it will also championing a comprehensive approach to sustainable investment, including application of the Task Force for Climate-related Financial Disclosures framework and an internal carbon price.
It will review its progress against this target annually, will develop detailed plans to drive progress to be completely fossil-free as soon as possible and will be working with the Science Based Target initiative to agree appropriate decarbonisation targets in line with its 2030 1.5°C trajectory.
The Crown Estate also aims to optimise the green energy potential of the country offshore resources by continuing to shape a strategic and holistic approach to managing the increasingly busy seabed.
This includes facilitating the development of offshore wind to help enable the government’s goal of delivering 40GW by 2030 and enabling new technologies like floating wind.
It will also address the crises in our climate and ecological environment in a joined-up way, including identifying opportunities for carbon sequestration and developing new ways to restore nature by encouraging biodiversity in marine, rural and urban environments.
The Crown Estate chief executive Dan Labbad said: “The impacts of Covid-19 and the wider volatility we face today only underline the importance of businesses like ours stepping up with purpose, pace and ambition to address systemic challenges facing our society and environment.
“This cannot wait and we make our commitment to net zero today, knowing that we don’t have all the answers.
“We understand there will be big challenges to solve along the way and to succeed we will need to rapidly innovate in areas like technology and digital, to think differently about how we optimise the green potential of the seabed, as well as find new solutions by collaborating with our many customers and partners who share our ambitions.
“We are committed to investing to support our goal and pushing ourselves to work as hard and as fast as we can towards it, adjusting accordingly if we need to, as we better understand the opportunities and challenges further in the years ahead.”
The Crown Estate has also signed up to the World Green Building Council’s Net Zero Carbon Building Commitment and the Better Building Partnership Climate Change Commitment.