Greengage was commissioned by Great Portland Estates plc (GPE) to help set a biodiversity net gain Key Performance Indicator and to create a baseline to be incorporated along with two other sustainability related KPIs within the first ESG-linked revolving credit facility to be issued by a UK REIT. The biodiversity net gain KPI will require that the group delivers a targeted percentage increase in biodiversity across its central London portfolio.
To undertake this assessment, Greengage firstly assessed the biodiversity and ecosystem service delivery baseline of GPE’s existing assets. This allowed for actions to be prescribed for each asset to enable predicted uplifts in both biodiversity units and ecosystem service provision to be calculated. Both baseline conditions and predicted changes were measured using the DEFRA Metric 2.0 methodology and a bespoke qualitative assessment for ecosystem service delivery. GPE are a member of Wild West End and therefore it was also key to ensure that methodology aligned with criteria from the Wild West End functional matrix for the quality of green spaces.
Greengage also proposed interventions for each property which if implemented will lead to significant uplifts in biodiversity units and ecosystem service delivery including the provision of habitat connectivity, water management and air quality improvements.
An annual review of biodiversity net gain across the GPE portfolio will be undertaken to enable the measurement of progress year on year against the targeted percentage uplift, which will be disclosed to its lenders and also reported publicly.
“The Time is Now to create climate change resilient spaces. The link between biodiversity, climate change resilience and health and wellbeing is clear. With Greengage’s support we have created a biodiversity net gain KPI, which will help us deliver more resilient spaces and support improved health and wellbeing for our local communities.”
Janine Cole, Director of Sustainability and Community, Great Portland Estates plc