The report sets out how funds raised from a £350 million sustainable bond issue in 2022 are being allocated in line with Peabody’s strategic objectives of:
- Providing new affordable homes for those who need them the most
- Improving the energy efficiency of homes
- Reducing carbon emissions
- Investing in communities.
Peabody, which is responsible for 104,000 homes across London and the home counties, aims to be net zero carbon in its new and existing homes by 2050 and in its day-to-day business activities by 2030.
The not-for-profit organisation’s approach to sustainability and Environmental and Social Governance (ESG) performance is accredited by RITTERWALD through its Certified Sustainable Housing Label, providing robust quality assurance in line with the United Nations Sustainable Development Goals and ESG metrics.
The Sustainable Bond Impact Report highlights a range of projects where Peabody is delivering on its commitment to invest in homes and communities for the future. This includes affordable housing projects such as those in the London borough of Lewisham, where Peabody is working with the council to deliver 144 new homes at Frankham Street. Known as the Tidemill development, the scheme will deliver 93 affordable homes, as well as new green spaces for the community. The partners are also working with Sherrygreen Homes to provide a further 140 new homes in the borough, helping to reduce the number of families on the council’s housing waiting list. It’s just one of multiple projects where Peabody is using funds raised from the sustainable bond issue to invest, with 1,216 new social homes being delivered across seven areas.
As well as building new homes, Peabody is improving thousands of existing ones to make them more energy efficient. The organisation secured £1.689 million of grant funding from the Greater London Authority to install 300 solar panels across homes in London. After making a further contribution of £1.055 million, Peabody was able to install hybrid inverters with battery storage, enabling residents to store the free electricity generated during the day and use it in the evenings at no cost. The project will save 224 tonnes of CO2 each year.
In Islington, Peabody is working with London Square and The Skills Centre to deliver training in green skills. The project aims to build a pool of talented local people who can work on the site of the former Holloway Prison, where Peabody is building 985 new homes, 60 of which will be affordable, a 1.4-acre public park, and facilities for everyone to enjoy. Eleven residents recently completed a free taster course, where they learned about new technology and modern ways to build and achieved qualifications in health and safety and environmental awareness.
All of these cases studies and more can be found in the Sustainable Bond Impact Report.
Eamonn Hughes, Chief Financial Officer of Peabody, said: “We know we have some way to go to improve our services to residents and are making progress through investment and a more locally focused approach. Sustainable, long-term finances will support this and help us increase the positive impact we’re able to make in people’s lives.
“The report sets out how we’re helping to deliver new social homes to tackle homelessness, improve existing homes, invest in the natural environment and support a range of projects that add value in communities, such as children’s activities, sports programmes, health and wellbeing sessions and employment support services.
“Our partnerships and supply chain continue to deliver for residents and communities, and we’ll continue to work with partners who share our values and aspiration to help people flourish.”