Multiplex is the construction company behind some of the UK’s largest and most complex projects – including the recently completed 22 Bishopsgate (the City of London’s tallest tower), the redevelopment of Elephant & Castle (one of Central London’s largest regeneration projects), 80 Charlotte Street (Multiplex’s first net zero building), and the University of Glasgow’s campus redevelopment.
The Power Purchase Agreement is one of the first of its kind for construction in the UK and will see Multiplex procure renewable electricity directly from a dedicated renewable energy producer. The additionality clause ensures that the purchase of renewable electricity leads to the construction of a new renewable energy generating farm to support the UK commitment to decarbonise the National Grid. The new plant is scheduled to be commissioned in Q1, 2023.
By securing a long-term supply of renewable power at a fixed price, Multiplex will also reduce risks associated with energy price fluctuations and their impact on development costs.
Multiplex previously launched their Pathway to Net Zero Carbon “One Decade to Act” back in April 2021 and this agreement is a major milestone on their journey to be Net Zero Carbon by 2050 including supply chain emissions.
“First we recognise that the effects of climate change are real and businesses should be investing in the right technologies aligned with climate science in order to create meaningful change” said Ben Keenan, Multiplex’s General Counsel and Director of Strategy, commenting on the agreement. “We are committed to creating a positive impact on the environment, people and communities, and this is a step in the right direction in terms of reducing our scope 2 emissions and supporting the decarbonisation of the National Grid.”
Multiplex’s approach is based on using its market position and influence to inspire behavioural change within and beyond its own business, collaborating closely with its clients and supply chain to lead coordinated action on Environmental Social Governance (ESG) priorities.
The announcement is in line with the UKGBCs guidance on Renewable Energy Procurement & Carbon Offsetting, and sets the precedent for UK Contractors working towards their net zero targets.
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