Breaking down our sustainability targets to achieve our objectives
Increasing the energy efficiency of our existing homes, installing the latest heating and cooling technology in our new homes and switching to electric vehicles will not only help reduce our emissions but also save our residents money.
These and other plans are laid out in our new Environmental Sustainability Strategy 2023-2026 It highlights what we’re doing over the next three years to meet our longer-term objectives of being net zero in our day-to-day business by 2030 and our whole business by 2050. To achieve this, we need the support of our colleagues and partners to help change how we do things.
Over the next three years we’ll focus on green homes and communities, creating a sustainable business and making space for nature. We’ll pilot new technologies to make demonstrable progress on energy efficiency and in tackling damp and mould. Value for money will be a priority and we’ll work closely with residents, making sure what we do is fair, accessible and affordable for everyone.
We’ll improve the energy efficiency of our existing homes by installing insulation, replacing inefficient boilers and changing windows. We’ve received funding from the government’s Social Housing Decarbonisation Fund (SHDC) and will match that with our own money. This will mean that by 2026, more than 80 percent of our homes will have an energy efficiency rating of EPC C or above. We’ll also make sure all the new homes we build from 2025 are rated at least EPC B.
We’ll carry out our routine home improvements alongside our greener homes programme, minimising disruption for residents. To do this, we’ll need to educate all parts of our organisation to make sure we’re working towards the same thing.
We’ll monitor our progress and measure our performance to make sure we’re on track to meet our targets, as well as those laid out by the wider industry and environmental bodies. We were at the forefront of setting up the Sustainable Reporting Standards for social housing in 2020, working alongside other organisations and investors. And we’re still committed to leading the way today.
We’ll be publishing our third ESG report later this year, which will show our position as the new Peabody Group following the completion of our merger with Catalyst in April.
To do all this, we estimate we’ll need to spend £1bn. But we’re ready.
We know we have an important role to play in working with residents, communities and the natural world as we move towards a low carbon future.