Our Transition Vehicle is a key mechanism for delivering on our operational energy and embodied carbon commitments.
It is funded by our internal levy of £60 per tonne of embodied carbon in developments. Of this, two-thirds is available to finance retrofitting projects which improve energy efficiency and reduce carbon emissions from our standing portfolio. The remaining third is used to purchase carbon credits to mitigate the residual embodied carbon in our developments. British Land also provides an annual float of £5m.
Internal governance on the management of the Transition Vehicle includes a Transition Vehicle Committee, which meets three times annually.
The current balance of the Transition Vehicle is provided in our Sustainability Progress Report.
