We’re delighted to announce our MSCI ESG rating has been upgraded to AA, recognising our significant ongoing progress in ESG.
MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers.
Additionally, we’ve reached a further ESG milestone having moved on site with our first retrofit air source heat pump project at Banbury Cross Health Centre at South Bar House in Oxfordshire.
This retrofit is an important step for us in achieving our ambition of being fully net zero carbon by 2040, reducing the carbon emissions by 25% on this building, in support of the NHS's own goal of becoming the world's first net zero healthcare system. This is a pilot project to retrofit an air source heat pump, being the first such project since the publication of our net zero carbon ambition. Reducing the building's annual carbon emissions represents the model for future retrofit projects across our portfolio.
The 3,600 sq.m building, from which over 55,000 patients are served, joined our portfolio in 2006. The completion of the project is expected to see the EPC rating improve to B. In addition to the air source heat pump, the lighting has been upgraded to LED throughout and the project will be completed in the coming weeks by the installation of 175 photo-voltaic panels which will generate circa 58,000 kWh.
Jonathan Murphy, our CEO said:
"We have ambitious targets to reach net zero across our portfolio. It is therefore pleasing to see external recognition from MSCI in upgrading our ESG rating to AA, reflecting our commitment to incorporating ESG ambitions into our strategy and disclosures.
"The successful pilot at Banbury Cross Health Centre marks further progress in reaching our ambitious net zero carbon targets. These works are one of several planned interventions to reduce both the carbon emissions from the building and the energy bills for our customer, demonstrating the important role that retrofitting existing buildings will play in achieving net zero carbon across our portfolio by 2040."