The Crown Estate is one of the largest property managers in the United Kingdom, administering property worth £14.1 billion, with urban properties valued at £9.1 billion.
It’s an independent commercial business, created by an Act of Parliament, with a diverse portfolio of UK buildings, shoreline, seabed, forestry, agriculture and common land – over the last 10 years it has contributed £2.6 billion to the government’s Consolidated Fund.
The sovereign is not involved with the management or administration of the estate, it being overseen by an incorporated public body headed by the Crown Estate Commissioners. As reported by hospitalityandcateringnews.com the estate is home to countless hospitality businesses across the UK.
The Managing Agents’ Partnership (BPP) says:
“Managing agents have a critical role to play in improving the sustainability performance of the buildings they manage. They are an intrinsic part of the day-to-day management of commercial property and often at the ‘coal face’ of addressing sustainability in the built environment.”
A major thrust in The Crown Estate’s green energy drive is the potential make more use of the seabed, a resource which it manages around the coats of England, Wales and Northern Ireland. It’s green targets include:
1) To become a net zero business by 2030 and be climate positive thereafter, aligning with a 1.5°C climate scenario. This commitment includes all Scope 1-3 emissions associated with the operation of directly managed assets.
2) Rapidly decarbonising 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.
3) Championing a comprehensive approach to sustainable investment, including application of the TCFD (Task Force for Climate-related Financial Disclosures) framework and an internal carbon price.
The estate aims to be completely fossil-free as soon as possible and will be working with the Science Based Target initiative (SBTi) to agree appropriate decarbonisation targets in line with its 2030 1.5°C trajectory. Progress against these green targets will be reviewed annually.
As manager of the seabed around England, Wales and Northern Ireland, The Crown Estate is committed to develop of offshore wind to help enable the Government’s goal of delivering 40GW by 2030 and enabling new technologies like floating wind, all in a way which protects marine biodiversity and the natural environment.
Dan Labbad, The Crown Estate’s Chief Executive says:
“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”.
Anyone managing a property business, of whatever size, can now see the direction of travel vis-a-vis environmental issues – in their own interest they should be looking to play their part. Soon renters and buyers will become much more conscious of the merits of environmentally efficient buildings and the benefits to themselves, so now is the time to plan your own green drive.