REG - Unite Group PLC - Publication of Net Zero Carbon Pathway

UniteAnnouncement

15/12/2021 07:00

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RNS Number : 6607V  Unite Group PLC (The)  15 December 2021

PRESS RELEASE

15 December 2021

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

PUBLICATION OF NET ZERO CARBON PATHWAY

 

 

Unite Students, the UK's leading owner, manager and developer of student
accommodation, has today published its net zero carbon pathway, which sets out
the activities and investment required to achieve its objective of becoming
net zero carbon across both the Company's operations and development
activities by 2030. The pathway includes targets for carbon reduction, which
have been formally validated by the Science Based Targets initiative (SBTi).

 

The pathway outlines four key steps to achieve net zero carbon:

1.  Reduce operational energy consumption: Based on a target 28% reduction in
energy intensity by 2030 against our baseline set in 2019. This target is in
line with the Carbon Risk Real Estate Monitor (CRREM) 1.5°C energy reduction
pathway.

2.  Invest in renewable energy: We have a commitment under the RE100
programme to source 100% renewable electricity by 2030 (2020: 74%) and will
seek to purchase more energy in the future in a way that supports the
development of new renewable energy generation capacity.

3.  Reduce embodied carbon: Based on targets in line with the RIBA Climate
Challenge programme, which require a 48% reduction in embodied carbon by 2030.

4.  Mitigate residual carbon: We will offset any residual operational or
development emissions that cannot be removed completely using certified carbon
offsets, aiming to prioritise measures that actively remove atmospheric
carbon.

 

 

The Group has already invested over £30 million in energy efficiency since
2014 and, as outlined at our Capital Markets Day in October, has identified a
further c.£100 million of additional opportunities for capital investment to
achieve its carbon reduction targets. This represents an annual investment of
around £10 million in energy initiatives going forward, equivalent to £5-7
million p.a. on a Unite share basis. These initiatives will also deliver an
attractive financial return through a payback period of less than 10 years
from savings in utility costs.

 

Richard Smith, Chief Executive of Unite Students, commented:

"Taking bold and decisive action to reduce environmental impact makes good
business sense, as well as being the right thing to do. We believe that our
2030 net zero carbon ambition, built on science based targets validated by the
SBTi, will help us play our part in tackling climate change for the benefit of
generations to come. We will achieve net zero by changing how we design and
develop new buildings to cut embodied carbon, investing in existing buildings
to make them as energy efficient as possible, and buying renewable energy in a
way that directly supports the creation of a new green power generation. We
understand the scale of the challenge but believe it will make us a stronger
and more resilient business."

 

The pathway document can be accessed via the following link:

https://www.unite-group.co.uk/sustainability/our-net-zero-pathway
(https://www.unite-group.co.uk/sustainability/our-net-zero-pathway)

 

ENDS

 

For further information, please contact:

 

Unite Students

Joe Lister / Michael Burt
                             Tel: +44 117 302 7005

Unite press office
                Tel: +44 117 450 6300

 

Powerscourt

Justin Griffiths / Victoria
Heslop                                Tel: +44
20 7250 1446

 

 

About Unite Students

Unite Students is the UK's largest owner, manager and developer of
purpose-built student accommodation, serving the country's world-leading
Higher Education sector. We provide homes to 73,000 students across 173
properties in 25 leading University towns and cities. We currently partner
with over 60 Universities across the UK.

 

Our people are driven by a common purpose: to provide a 'Home for Success' for
the students who live with us. Unite's accommodation is safe and secure, high
quality and affordable. Students live predominantly in ensuite study bedrooms,
with rents covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also achieved a five-star British Safety Council rating in our last
audit.

 

Founded in 1991 in Bristol, Unite Group is an award-winning Real Estate
Investment Trust (REIT), listed on the London Stock Exchange and a member of
the FTSE 250 Index. Unite is invested in and operates two specialist funds and
joint ventures with institutional investment partners: the £3 billion Unite
UK Student Accommodation Fund (USAF) and the £1 billion London Student
Accommodation Vehicle (LSAV).

 

For more information, visit:

Unite's corporate website www.unite-group.co.uk (http://www.unite-group.co.uk)

The student site www.unitestudents.com (http://www.unitestudents.com/)

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