BL takes further stake in Fifth Wall green technology fund
British Land has made a second strategic investment in Fifth Wall’s Climate Technology Fund. The fund invests in climate-focused technologies affecting real estate’s carbon footprint throughout its lifecycle, such as innovative materials, demolition, building operation and recycling.
British Land said the latest investment will enable collaboration with other global real estate and technology businesses to find innovative solutions to the climate emergency.
“We have a clear strategy to deliver against our ambitious 2030 goal to make our whole portfolio net zero carbon,” said BL’s chief operating officer David Walker.
“As one of the first companies to work with Fifth Wall in the UK, we have found their insights, network and access to best-in-class technologies and products invaluable.”
Brendan Wallace, Co-Founder and Managing Partner, Fifth Wall, said: “The real estate industry is recognising its role in contributing to climate change and is taking steps to decarbonise the built environment in order to achieve a more sustainable world.
“The challenges we face are all-encompassing in scope and global in reach and therefore it is critical that we uncover and invest in the solutions that can decarbonise the world’s largest asset class.”
British Land’s investment into Fifth Wall’s Climate Technology Fund builds on the commitments made in its 2030 Sustainability Strategy, the firm said. By 2020, British Land had achieved a 73% reduction in Scope 1 and Scope 2 carbon intensity against a 2009 baseline. BL manages a £13.3 billion portfolio and is one of Europe’s largest listed real estate investment companies.