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Unite Group PLC - Bristol-based student accommodation developer - Targets 28% reduction in energy by 2030 against its baseline set in 2019. Plans to invest in renewable energy and will seek to buy more energy in a way that supports the development of new renewable energy generation capacity. Wants to reduce embodied carbon in line with the Royal Institute of British Architect's climate challenge programme. Explains this would require a 48% reduction by 2030. Says it will offset any residual operational or development emissions that cannot be removed completely using certified carbon offsets. States it already has invested GBP30 million in energy efficiency since 2014. Plans to invest a further GBP100 million, representing an annual investment of around GBP10 million - of which GBP5 million to GBP7 million will be Unite's share - going forward. Says the investments will deliver an "attractive" financial return from savings in utility costs in a payback period of less than 10 years.
"We will achieve net-zero by changing how we design and develop new buildings to cut embodied carbon, investing in existing buildings to make them as energy-efficient as possible, and buying renewable energy in a way that directly supports the creation of a new green power generation," Chief Executive Richard Smith comments.
Current stock price: 1,048.50 pence, down 1.1% on Wednesday
Year-to-date change: up 0.3%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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