46QW Peabody 5.25%

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Peabody Capital PLC

07 September 2023

Providing greener homes and sustainable places for the future

The Peabody Group has published its Sustainability Strategy 2023-26. This sets out the organisation's action plan for the next three years as we work towards a carbon neutral future.

Over the next three years, Peabody will:

   --    Upgrade thousands of homes to make them more energy efficient. 

-- Ensure all our new homes are at least EPC B standard and use the latest technology for heating and cooling.

   --    Make significant progress towards making all our vehicles electric. 
   --    Boost colleague and resident engagement on environmental sustainability. 
   --    Have a robust measurement system in place to track our progress and drive improvement. 
   --    Report regularly. 

This will be the foundation of the changes we need to make in the short, medium and long-term as we make good on our commitment to help the UK achieve net zero greenhouse emissions by 2050.

We're already taking steps towards meeting this challenge:

-- We've refurbished our main office in Southwark to improve its environmental performance. This includes installing solar panels on the roof, which generate around 12,000 kWh of electricity and save 6,250 kg of CO2 a year. This is the equivalent of travelling 23,400 miles in a car.

-- Seventy-eight percent of our homes are now EPC C and above, with an average SAP rating of 77.77 (the measure used to compare energy performance of homes).

   --    We've improved 266 homes by installing solar panels and batteries. 

-- We're upgrading 66 homes in Islington, replacing inefficient boilers, installing internal and external insulation and making homes more energy efficient with the help of a grant from Wave 1 of the government's Social Housing Decarbonisation Fund (SHDF).

-- We're also planning to improve and upgrade the fabric of thousands more homes in a GBP50m project over the next three years, using GBP25m from Wave 2 of the SHDF. This will improve EPC and SAP ratings, lowering people's energy costs and emissions.

We were accredited with RITTERWALD's Certified Sustainable Housing Label in 2022 and 2023. Building on this work, we're aiming to be carbon zero in our day-to-day business operations by 2030, and we've committed to making our rented homes at least EPC C by 2030 and net zero by 2050.

Among the other commitments set out in the strategy, we plan to:

-- Deliver at least 10 percent biodiversity net gain for all new developments submitted for planning from November 2023.

   --    Reduce water use on our estates by five percent every year over the next three years. 

-- Explore better use of advancing technology to help us reach our sustainability goals, while ensuring our initiatives provide value for money for residents and the organisation.

Ian McDermott, Chief Executive of Peabody, said: "The climate emergency is here, and we're all affected. By working with our residents, colleagues, partners and suppliers we'll create a carbon neutral Peabody. Together we can build a legacy for the next 160 years and make sure we leave the planet a better place for future generations.

"We'll increase the energy efficiency of our homes so they're better for the environment and cost residents less to heat. We'll improve many of our open spaces to encourage and cultivate a wide range of plants and wildlife. And we'll reduce our carbon emissions throughout every area of our organisation. We recognise the positive, long-term impact we can make.

"This strategy is intentionally not just about 2050 and net zero. It's about the action we're taking now. We've set out a clear plan for the next three years so everyone can be confident in our approach and join us in making it a reality. It will be a huge challenge but together we can do it."

Read the full strategy at https://www.peabodygroup.org.uk/media-centre/news/investors/breaking-down-our-sustainability-targets-to-achieve-our-objectives

ENDS

Contact : Anthony Marriott, Director of Treasury & Corporate Finance or Ben Blades, Assistant Director Corporate Affairs

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