RCS - Peabody Trust. - Sustainable Finance Framework

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14/11/2024 13:00

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RNS Number : 2867M  Peabody Trust.  14 November 2024

Peabody publishes updated Sustainable Finance Framework
New document lays out plans to expand ESG credentials, focusing on sustainable and inclusive regeneration, local engagement and community support

 

Peabody has today (14 November) published an updated Sustainable Finance
Framework. It sets out a range of ESG objectives and information on how the
Group's resources will be used to make a positive impact in local areas and
alongside local people and communities.

The full report and second party opinion is available on the Peabody website:
https://www.peabodygroup.org.uk/investors/our-reports-and-statements/
(https://www.peabodygroup.org.uk/investors/our-reports-and-statements/)
https://www.peabodygroup.org.uk/media/ka0fbquu/sustainable-finance-framework.pdf
(https://www.peabodygroup.org.uk/media/ka0fbquu/sustainable-finance-framework.pdf)

In 2022, Peabody raised £350m through a sustainable bond and published the
use of proceeds and allocation
(https://www.peabodygroup.org.uk/media/4uhbb0tm/sustainable-bond-impact-report-2023.pdf)
report in 2023. In line with the initial framework, the money has made a
positive impact, helping to improve and upgrade residents' homes, part-fund
new affordable, energy efficient homes, and support a range of services and
community programmes.

The updated framework objectives are closely linked to the Sustainable
Reporting Standard for Social Housing (SRS) and include:

·    Renovating residents' homes to increase their energy efficiency
rating to at least EPC C, so they require less heating. This reduces emissions
and helps reduce energy costs.

·    Continuing the sustainable regeneration of local areas and working in
partnership to provide new social and affordable homes where we can.

·    Improving biodiversity by effectively managing the grounds, habitats
and trees on estates, and creating new green spaces and habitats where
residents and nature can thrive together.

·    Integrating renewables into buildings' energy systems to help create
greener homes and more sustainable places. This includes installing solar
panels and air source heat pumps and carrying out investigative work to
decarbonise homes through energy from waste or ground source heat pumps.

·    Buying or leasing low or zero-emission vehicles and installing more
electric charging points to reduce emissions and help meet the Group's net
zero goals.

·    Supporting residents and community partners to deliver children's
activities, sporting programmes and health and wellbeing sessions to help
neighbourhoods become more sustainable.

·    Working with partners to generate employment opportunities and design
programmes to help residents improve their skills and increase their earnings
potential.

·    Promoting positive mental and physical health and wellbeing by
creating new community spaces and play areas close to residents' homes.

NatWest supported Peabody in preparing the framework as Sole Sustainability
Structuring Bank, whilst DNV provided Second Party Opinion validation which
confirms that the framework is in line with Social Bond Principles ("SBP")
2021, Green Bond Principles ("GBP") 2021 and the Sustainability Bond
Guidelines ("SBG") 2021; and the Loan Market Association ("LMA") Green Loan
Principles ("GLP") 2021 and Social Loan Principles ("SLP") 2021.

Commenting on the framework, Phil Day, Peabody's Chief Financial Officer said:
"This sustainable finance framework sets out how we plan to allocate our
resources going forward. Building on the positive impact generated by our last
sustainable bond issue, we want to keep momentum by investing in looking after
and improving residents' homes as a priority. Demand for new affordable homes
has never been greater, and we'll continue with all our partners to do what we
can to help. We're also focused on long-term stewardship in local areas,
supporting communities and driving sustainable, inclusive growth through our
'whole place' approach to regeneration."

ENDS

For more information contact Benjamin Blades at Benjamin.blades@peabody.org.uk
(mailto:Benjamin.blades@peabody.org.uk)

About Peabody

Formed over 160 years ago, Peabody is one of the UK's oldest housing
associations. It's also one of the largest, with responsibility for over
109,000 homes across London and the Home Counties. The Group is dedicated to
helping people make the most of their lives and puts residents at the centre
of everything, ensuring it provides the homes, support and services they need.

In the year to the end of March 2024, Peabody spent a total of £371m looking
after residents' homes, in line with plans to spend £2bn over five years. At
an average of £137 a week, its rents were £721m lower than the market, and
nearly 80 percent of Peabody homes had an energy rating of EPC C or above.
Peabody completed 1,381 homes during the year, of which 1,204 were for
affordable tenures.

Peabody has been at the forefront of sustainability reporting within the
social housing sector since it helped to set up the SRS in 2020. It has
secured the RITTERWALD Certified Sustainable Housing label for three years in
a row and is about to publish its fourth ESG report. The Group has five
sustainability-linked loans tied to achieving environmental objectives,
including improving the energy efficiency of residents' homes each year,
adding more electric charging points, increasing the diversity of the senior
leadership team, and maximising residents' income.  Peabody is embedding
sustainability into its operations as well as its reporting and is committed
to extending this into the future.

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