L&Q publishes latest sustainability report
We are pleased to share our latest sustainability report. This document outlines our efforts over the past year to improve in areas such as the environment, social impact, and governance.
This year, we partnered with Altair to create a clear plan for achieving net zero emissions. We’ve measured our carbon footprint, modelled targets with the Science Based Target Initiative, and mapped out how we reduce emissions. Whilst we still have a long way to go, we now have a better understanding of the path ahead.
Additionally, we’ve been developing our approach to key initiatives, such as transitioning our fleet to electric vehicles.
We've also used insights from our climate risk review to better manage the impact of climate change on our residents and business.
We’ve made important improvements to our homes through our Major Works Investment Programme. This includes installing 1,740 new double-glazed windows, 1,341 insulated doors, and 2,480 upgraded boilers.
As a result, we’ve increased the energy efficiency of our homes, with an average SAP score of 72.37, exceeding our target. We plan to invest even more in our existing homes in the coming years to keep improving safety, quality, and sustainability.
In our new developments like Beam Park, we’re focusing on sustainability from the start. By following our new placemaking framework, we are aligning with the UN Sustainable Development Goals to make sure these projects benefit our communities in the long run.
Through the L&Q Foundation, we’ve helped 421 residents keep their tenancies, supported 2,748 residents in managing their finances, and assisted 224 people in finding jobs. We’ve also invested £1.28 million in local community organisations, supporting initiatives that improve financial resilience and wellbeing outcomes for residents.
Our major works programme goes beyond improving our homes; it’s also about delivering wider social benefits. Last year, we generated over £23 million in social value, created 27 full-time jobs, and provided 860 weeks of apprenticeships.
The Sustainability Report, alongside our Taskforce for Climate Related Financial Disclosures (TCFD) report, includes detailed performance tables. These tables show our commitment to our ESG goals and how we meet the criteria of the Sustainability Reporting Standard (SRS).
Whilst we didn’t fully meet our carbon reduction targets this year, we’re pleased with our progress in lowering emissions in 2022 and 2023.
We planned to purchase renewable energy to meet our targets. However, disruptions in the energy market, along with the cost-of-living crisis, led us to make difficult budget decisions to avoid increasing costs for residents. Despite these challenges, we remain committed to reducing emissions and improving energy efficiency as we work towards net-zero.
Liz Blackwell, Head of Sustainability at L&Q, said:
“These are tough economic times, and we know our role is more important than ever. We’ve made some difficult decisions, like pausing renewable energy purchases, to protect residents from extra costs. Our priority remains adapting to challenges while keeping residents at the heart of everything we do."
Fiona Fletcher-Smith, Group Chief Executive of L&Q, said:
“Homes are a major part of the UK’s carbon emissions, and we know we need to act quickly. There are challenges like skills and supply shortages, but we’re determined to work with the government and other partners to make our homes greener, warmer, and healthier for our residents.”
For more information and to read the full report, visit our sustainability page.