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Our Environment

Target Performance 2024/25
UK owned stores powered by 100% renewable electricity 100% completed
Reduce UK operational waste to landfill by 50% by 2025 vs 2016/17 level 100% completed - we have achieved 100% diversion from landfill for UK operational waste ahead of schedule
Achieve 100% diversion from landfill for UK construction waste 97.9% on track - we have achieved 97.9% diversion of UK construction waste from landfill
Reduce carbon emissions by 20% of 2021 baseline by 2025 35% on track - 16% year-on-year reduction; emissions now 35% below 2021

Climate action and emissions reduction

In this section, we explain how we are reducing our impact on the planet through ongoing improvements in construction standards and our store operations. We also include our Climate-related Financial Disclosures (“CFD”) statement, through which we seek to understand and manage the potential risks (and opportunities) to our business associated with a changing environment.

Our net zero commitment and Science Based Targets initiative ("SBTi") alignment

We reiterate our commitment to becoming an operationally net zero group by 2035. This commitment covers Scope 1 and 2 emissions and Scope 3 emissions which relate to ongoing operations (water, waste, electricity, transmission and distribution, and business travel).

Our net zero transition plan combines consumption reduction initiatives, such as phasing out gas heating in the UK portfolio, and ensuring all energy consumed is self-generated (where viable) or purchased from certified renewable sources.

The Carbon Risk Real Estate Monitor (“CRREM”) and Science Based Targets initiative (“SBTi”) have established science-based decarbonisation pathways for numerous developed real estate markets globally, aligning with the climate goals set by the Paris Agreement. These pathways serve as practical benchmarks for assessing individual assets or portfolios in light of high level global commitments, like net zero carbon targets and the Paris Agreement. Guidance for the buildings sector has been published which is aligned with the CRREM tool developed by the EU. As of today, no specific SBTi guidance exists for the self-storage real estate subsector. We therefore assess our decarbonisation plans with reference to the closest real estate subsector, which is “distribution warehouse – warm”. Our decarbonisation trajectory is ahead of that required by the SBTi pathway for this sector. From our base year in 2021, we expected our market-based operational carbon intensity to reduce by 57% by 2030. We are pleased to report that we are ahead of schedule (and sector pathway) having already achieved a 50% reduction in emissions intensity across the Group. Per the above commitment, we aim to reduce operational emissions intensity by 100% by 2035, significantly ahead of the rate required by the sector pathway.

In addition to reducing operational carbon, we are working with our construction partners to understand the baseline of embodied carbon in our new developments and explore ways of reducing this where viable. Our sustainable construction standards aspire to maximise the use of recycled material and minimise waste whilst building to Building Research Establishment Environmental Assessment Methodology (“BREEAM”) ‘Very Good’ standards. Based on research by the London Energy Transformation Initiative (“LETI”), redevelopment projects have an embodied carbon footprint of approximately 50% of new build developments. As such, the Group’s flexible model generates less embodied carbon than operators which develop new build structures exclusively.

 

2024/25 Highlights

100%certified zero carbon electricity used across the Group
100%of our UK-owned fleet vehicles are now plug-in hybrid electric vehicles
450kWsolar generation capacity added
5UK stores now have had gas use removed this year, reducing our consumption by over 15% year-on-year