Octopus Real Estate has announced its commitment to building new care home developments that are net zero by 2030, marking the first such pledge across the care home industry.
In addition to funding new developments to achieve carbon neutrality by 2030, Octopus will make significant investments into its existing portfolio of 71 care homes across the UK to retrofit these properties. It has committed to making these care homes and 13 properties currently under construction net zero by 2040. The pledges will ensure Octopus, as a leading investor and landlord in UK care homes, is driving the industry towards higher energy efficiency standards.
The two net zero commitments were met with unbridled support from the institutional investors who invest in Octopus’ care homes strategy, demonstrating the demand among pension funds, insurers, sovereign wealth funds and family offices for assets that are contributing to the UK’s energy transition requirements. The commitments also reflect Octopus Group’s commitment to reach net zero by 2030.
As part of its commitments, where needed, Octopus will work to minimise and offset the embodied carbon in the construction process of its new developments, including through UK Government-approved, high-quality certified carbon sequestration projects.
Michael Toft, Care Home Senior Fund Manager, Octopus Real Estate, commented: “We are incredibly proud to be the first investor and landlord in UK care homes to commit to net zero targets. We see it as a natural extension of our role as a leading player in the care home sector and our passionate belief as a Group that people and the planet deserve better. Our commitments place us ahead of both the UK Government’s net zero targets and the Paris Agreement targets. Octopus Real Estate’s investors overwhelmingly supported these pledges, mirroring their overarching support for our care home strategy, which helps them to achieve genuine impact for society while generating financial returns.”
Benjamin Davis, CEO, Octopus Real Estate, commented: “This announcement fits into wider sustainability initiatives within Octopus Real Estate, including our Greener Homes Alliance with Homes England, which is funding the development of energy efficient homes across England. It reflects our strident belief that companies will increasingly be judged on how they are building a better tomorrow and should be seen as a clear marker of intent for our objectives and strategy. We have been delighted with the stamp of approval we have received from our investors for this approach so far.”