The landmark redevelopment of King’s Cross goes to show the power of sustainable development – now let’s replicate it, writes Jamie Quinn
Recently we heard that 2023 was the warmest calendar year since records began in 1850. In Europe, the 10 warmest years on record have all occurred since 2000, with the five warmest occurring since 2014. There isn’t a month that passes without further climate related records being made around the world (February was the wettest on record across the UK).
Over the years, there has been a profusion of promises, commitments and pledges made to achieve net zero carbon and happily, some of these have created genuine and meaningful change – but sadly, pledges don’t go far enough. Last year, research by Imperial College London reported that without more well-planned and legally binding net zero policies that lead to genuine action, the world is likely to miss key climate targets. In the report published in Science, researchers said they had “low confidence” in the full implementation of 90 per cent of all global net zero greenhouse gas emissions pledges.
This is a stark wake-up call for businesses, including those in the property industry. About 40 per cent of global carbon emissions come from the built environment so we have a responsibility above most to address its impact. This includes tackling both the upfront embodied carbon associated with construction as well as the operational emissions from running places and spaces once they’re built.
In November 2021, the King’s Cross Estate achieved carbon neutrality – one of the first major destinations to do so. Since then, we have been laser-focused on reaching net zero carbon by 2035.
One of the first steps we’re taking to achieve this is by decarbonising our energy network. The estate is already supplied using 100 per cent of gas and electricity from renewable sources, and transferring to an all-electric energy network using heat pumps and electric boilers will eliminate the use of fossil fuels entirely. We also have a large cluster of BREEAM ‘outstanding’ buildings at King’s Cross (an industry method of assessing, rating and certifying the sustainability of buildings), but to reach net zero carbon we must continue to improve our managed buildings, working alongside our occupiers to reduce operational energy. Measures such as lighting improvements and smart building technology are vital.
However, the old adage that ‘with challenge comes opportunity’ is true of reaching net zero carbon. Businesses are increasingly looking for buildings with strong environmental credentials that align with their own ESG goals, so it is impossible to reach net zero without working in partnership: developers and asset managers must coalesce around collective goals to tackle the climate emergency.
Long term investment in net zero buildings will ensure assets remain market leading and resilient to future economic headwinds. It will also allow assets to continue to perform with increasing climate impacts. Market research already shows best-in-class ESG assets are achieving rental premiums and this trend is set to get more pronounced as the demand for these buildings outstrips supply. Making a commitment upfront now will ensure building owners stay ahead of the competition and maintain a market leading position with enduring financial value.
Helpfully, there are initiatives underway, like the UK Net Zero Carbon Building Standard, that will help the industry prove its buildings are net zero carbon and in line with the UK’s climate targets. Working towards a single, agreed methodology to deliver net zero carbon, in this case for buildings, is something that other industries would benefit from emulating. The upcoming standard is due to be published later this year and King’s Cross will be one of its earliest adopters.
King’s Cross is just one piece of the puzzle, though. We strive to make all our places, including Brent Cross Town and Heart of Hale, forces for good that actively champion the environment and the communities they serve. We do this by recognising our own impact and coming up with the right solutions. We won’t get it right all the time, but we choose action over inaction every day.
Undoubtedly, there will be roadblocks along the way. Big budgets for prime, net zero offices aren’t available to all businesses. It’s therefore vital that organisations continue to challenge their landlords on the ESG credentials of their buildings – who are legally required to optimise energy performance in commercial properties through energy performance certificates (EPCs). Businesses, no matter how big or small, must all play their part in reaching net zero carbon if we’re to stand a chance of tackling the climate emergency.