Canary Wharf sets out new 2030 sustainability targets

The group behind one of London’s most valuable districts has set out a new vision to make all its new buildings zero-carbon.

The Canary Wharf Group, which owns the 97 acres of high value property space in east London, released its sustainability vision this week.

The move comes as the group marks 30 years since the new area was created on former derelict land in London’s docklands.

By 2030, new developments in the area are expected to increase the working population from 120,000 to 200,000. The report includes a raft of measures to ensure the huge economic gains which are created from the financial district go lockstep with protecting the environment.

This includes a commitment that “all developments to aspire to be carbon net zero and work towards becoming carbon net positive”.

The group will seek to reduce its carbon emissions “in line with climate science”, but does not set a target figure.  In addition, it will seek to increase biodiversity, reduce water consumption and “aspire to establish the world’s leading circular economy”.

Sir George Iacobescu, Chief Executive and Chairman of Canary Wharf Group, commented: “This exciting new strategy will help shape Canary Wharf as a city of the future, creating a dynamic, integrated community that will serve as a template for contemporary urban living. In this and other ways we continue to seek solutions to tomorrow’s challenges”.

The report also shows that progress is already being made on sustainability with 100 percent of the group’s electricity coming from renewable sources for the past five years. The company has also helped reduce its energy consumption by over 10 percent since 2016, and recycled 450,000 coffee cups last year alone.

“In an uncertain world that faces substantial economic, environmental, social and political challenges, we are confident that our vision and approach will enable us to be both successful and sustainable. We look forward to the next 30 years of our evolution,” he added.