Greengage helped Workspace become the UK’s first corporate to have its net-zero target validated under the SBTi Buildings Criteria, resetting its science-based targets to meet the standard and navigating new whole-building and embodied carbon requirements.
Workspace is an FTSE250 London-based real estate investment trust specialising in flexible office spaces. It consistently seeks to embed ambitious net-zero goals across its portfolio, push industry standards on low-carbon operations, tenant engagement and climate resilience, and is a signatory of the Better Buildings Partnership’s Climate Commitment.
Greengage was commissioned to support Workspace to re-set its net zero target in line with the newly released SBTi Buildings Criteria. Having previously set SBTi-validated targets under the Corporate Net-Zero Standard (CNZS), Workspace sought to update these in accordance with the sector-specific standard.
Credit: Workspace
The Buildings Criteria introduced stringent requirements, going beyond the scope of current GHG emissions accounting methodology. It mandated reporting whole-building energy use, including the need to capture both landlord and tenant consumption. This required addressing complex tenant F-gas, supply chain, development emissions and other data gaps that required robust methodologies, assumptions, and verification approaches.
GHG inventory review and gap filling
Greengage reviewed Workspace’s baseline and most recent year emissions inventories to ensure alignment with the SBTi Buildings Criteria. This involved a detailed review of each emissions category.
Since the requirements of the Buildings Criteria go beyond the standard accounting practices, some gaps were identified, and robust methodologies were agreed with Workspace to account for these emissions retrospectively. Some of the critical ones included a bespoke methodology to calculate the tenant f-gas emissions and retrospective changes in the baseline due to structural changes.
Occupier data verification
Verification of tenant energy consumption using Greengage’s in-house methodology ensured the occupier-controlled emissions data was robust. Any inconsistencies were flagged to Workspace and emissions were estimated using bespoke benchmarks. This approach allowed Workspace to include tenant-controlled emissions with confidence, a key requirement under the Buildings Criteria.
Target setting and optioneering
Greengage developed near- and long-term science-based targets for Workspace using the SBTi Buildings Criteria and the Sectoral Decarbonisation Approach (SDA). Targets were modelled using the SBTi Building Sector Tool, applying a whole-building approach that captures both landlord and tenant energy use, alongside fugitive emissions. The targets accounted for the projected portfolio growth across all property types.
Multiple target-year scenarios were tested to assess implications of different transition pathways, accounting for projected portfolio growth and current emissions reductions. This enabled Workspace to select targets aligned with the 1.5°C pathway while remaining achievable.
Embodied carbon research and scenario testing
Decarbonisation scenario modelling was conducted to provide strategic support in assessing the scale of embodied carbon reductions needed to meet its SBTi-aligned targets. This was based on material decarbonisation trends and the company’s projected development activity. This involved modelling various scenarios to reflect different levels of future development activity. The decarbonisation pathways considered the internal targets and the UK Net Zero Carbon Buildings Standard limits to ensure alignment with industry best practice.
These insights helped Workspace understand the level of reductions required in embodied emissions. The scenario-based modelling also provided board-level confidence that the targets consider real-world constraints.
SBTi validation support
Greengage helped prepare the evidence and documentation for the SBTi submission and provided ongoing support throughout the validation process. This included coordinating responses to technical queries and ensuring alignment with the SBTi Buildings Criteria.
The project concluded with Workspace becoming the UK’s first corporate to secure a SBTi-validated Buildings Criteria target, reinforcing its position as an industry leader in net-zero real estate.
Project outcome
Working closely with Greengage, Workspace:
- Enhanced the completeness and robustness of its GHG inventory across operational, embodied, and supply chain emissions.
- Established science-based pathways for emissions reduction and strengthened internal data systems to support long-term net-zero delivery.
- Gained practical tools and insights to guide decarbonisation across operations, development, and procurement.
- Achieved the UK’s first corporate net zero target validation under the SBTi Buildings Criteria.
- Reinforced its position as an early adopter and leader in sustainable real estate.
Testimonial
“Working with Greengage on resetting our science-based targets was a truly positive experience. Their team brought an impressive level of expertise and attention to detail, helping us work through some complex decisions around methodologies, timelines, and target ambition with real confidence. We’re incredibly proud to be the first UK corporate to set targets against the Buildings Criteria, and Greengage played an important role in helping us get there.”
Ariane Ephraim, Sustainability Lead, Workspace
