Going big on doing good: We have just secured a €30 million Sustainability Linked Loan from ING
After receiving our first-ever green loan in 2022 for Bloom Clerkenwell in London, we’re excited to see our sustainability story unfold remarkably positively. We’ve just been granted ING’s €30 million Sustainability Linked Loan, further proof of our commitment to creating a more sustainable future for all and translating our ESG strategy into reality as one of the leading international workspace providers.
After revealing our plans for Worship Square (our first fully net zero carbon workspace in central London) to the public in 2021, we decided to institutionalise our pursuit of sustainability by issuing our very first ESG targets aligned with the Science Based Targets initiative (SBTi). The strategy titled Straight to Zero commits our forthcoming UK portfolio to be fully net carbon-zero by 2030. It also serves as a set of guiding standards for the whole group, with its principles gradually rolling out across our other core markets, Warsaw, Berlin, Bratislava, and Budapest, providing a baseline for our first group ESG report.
The targets that earned us trust
The ESG target framework we presented when applying for the Sustainability Linked Loan stemmed from the above-mentioned standardised targets and was based on several years of translating set ESG goals and standards into action.
ING granted the Sustainability Linked Loan in the volume of €30 million based on our dedication to achieving the following KPIs:
- (1) to reduce scope 1 & 2 GHG emissions in line with their SBTi pathway
- (2) to reduce scope 3 GHG emissions in line with their SBTi pathway
- (3) to increase the number of new buildings which are EU Taxonomy aligned for the environmental objective climate change adaptation
- (4) the number of projects achieving a certain WELL Building Standard certification level
From renewable energy to WELL certification
By adhering to the Science Based Targets initiative (SBTi), we’re actively working to lower scope 1 and 2 emissions by incorporating energy-efficient technologies and renewable energy sources in our buildings in line with the 1.5oC trajectory. This strategy is complemented by a robust plan to address scope 3 emissions through sustainable supply chain management and promoting eco-friendly practices in our wider network.
In a parallel effort, our new building projects are meticulously aligned with EU Taxonomy, with particular emphasis on climate change mitigation and adaptation. This involves a holistic approach to design and construction, ensuring that each new development is environmentally sustainable in order to minimise impact, and is also resilient to the evolving challenges posed by climate change.
Furthermore, recognising the critical intersection between environmental and human health, we have already committed to target WELL Building Standard certification for all of our projects in 2018. This guides our designs, ensuring they promote the well-being of occupants through features that enhance air and water quality, lighting, comfort, and mental engagement, to name just a few of the criteria within the standard.
Huge milestone that marks a successful introductory phase
Being trusted by stakeholders and financial institutions gives us confidence that we have approached the application of the ESG framework in an attainable way. As some of our targets require commitments taking us to 2050, we are at the start of our exciting journey to building more sustainable business operations.
Join us on the journey to increase environmental awareness and create a positive influence on our communities. Download our ESG report and learn more.
ING acted as the Sole Sustainability Coordinator for HB Reavis’ inaugural Sustainability Linked Loan in the sector of Corporate Sector Coverage – Construction.