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A fundamental aspect of the way we operate is through L&G's commitment to managing its property funds in a positive environmental manner. But given that only 15% of all buildings' emissions are under the direct control of the property owner, with the majority generated by the occupants, we identified the need to work collaboratively with tenants to manage down emissions from each building.
To address this, we took the lead in engaging occupiers directly in what was a first collaboration in London. This approach encouraged all parties to identify and analyse both the running costs for lighting, heating, water and managing waste, and the potential operational efficiencies that could result in a reduction of costs and resource use at either zero or very low initial cost.
L&G has implemented a number of important initiatives, which aim to accelerate its programme of environmental improvements. First, working in partnership with the Better Buildings Partnership and London's carbon mentoring scheme, Green 500, we engaged with several of our high-profile occupiers in an unprecedented collaboration between owners and occupiers to work together to identify means of improving the sustainability of 99, Gresham Street, part of our City of London portfolio. L&G is the first company to engage in this partnership between Better Building Partnership and Green 500, which, following a full asset survey undertaken by Green 500, delivered an improvement plan for each occupier.
For some, this plan will deliver occupational improvements, both in terms of reducing running costs but also showing significant CO2 reductions.