My journey into environmental sustainability actually began with a background in finance within the real estate sector. I saw firsthand the positive financial and operational benefits of implementing sustainable practices. When Liberty 2 Degrees (L2D) was founded in 2016, I recognised an opportunity to drive meaningful change, knowing that the real estate industry is a significant contributor to global carbon emissions. Since then, I have championed L2D’s sustainability efforts, developing a comprehensive strategy for the responsible consumption and efficient management of resources.
In 2017, I joined the Board of the Green Building Council of South Africa (GBCSA), and in 2022/2023, I had the honour of serving as Chair. During my tenure, we were approaching the 1,000th building certification in South Africa, marking a significant milestone in the industry. This experience further fuelled my passion for sustainability, leading projects that demonstrate L2D’s commitment to addressing climate change.
Our initiatives include a focus on achieving Net Zero Carbon. We aim to accomplish this through energy management, incorporating solar PV systems, and implementing energy efficiency measures. One of our most rewarding projects was the installation the first solar PV system at Midlands Mall in Pietermaritzburg in 2018, which has since expanded to 5 MW. Solar structures have also been installed across the portfolio, including 1 MW installations at Promenade Mall and Sandton City, and 6 MW at Eastgate Shopping Centre. These efforts mark significant progress toward reducing our reliance on grid electricity, with a goal to cut this reliance by nearly 20% by 2025.
In 2021, I managed the project to achieve Existing Building Performance (EBP) Green Star ratings for the L2D portfolio, including a prestigious 6-star rating for Sandton City Shopping Centre. I project managed L2D achieving Level 2 Net Zero Waste ratings for operational waste across the entire retail portfolio – an industry first in South Africa. Our head office at Nelson Mandela Square also achieved a 6-star Green Star fit-out rating, further solidifying our commitment to sustainability.
Brian Unsted
Climate action has become a personal issue to me. The knowledge I’ve gained about the impacts of climate change makes it impossible to ignore the problem. The “throw-away” culture and consumerism, as well as short-term financial focus in business, are problematic societal issues. As a parent, I feel a strong obligation to leave behind a healthy planet for future generations.
Our sustainability journey is supported by concrete results. In 2023, we diverted nearly 91% of operational waste from landfills. Technological advancements have also transformed the business case for solar energy. When I first assessed solar PV projects in around 2011, the returns were modest, with an internal rate of return of approximately 6%. However, by 2017, improvements in solar technology increased the returns to 17%, making funding for these projects much easier to secure. These advancements have allowed us to achieve significant electricity cost savings, with R12 million saved in the 2023 financial year alone from our solar installations.
The shift from the “triple-bottom line” approach to the rise of ESG criteria has reshaped the real estate landscape. In the past, sustainability considerations in building design and refurbishments faced resistance. Today, they are a non-negotiable element of every project undertaken. The increasing prominence of ESG has elevated responsible business practices and highlighted the importance of sustainable resource consumption.
The challenges have not been without their difficulties. Changing entrenched mindsets and the “this is how it’s always been done” mentality has required persistence. In the retail sector, getting tenants aligned with sustainability initiatives has been challenging, but their support has been instrumental in driving progress. Additionally, older buildings, which tend to consume more resources, present another obstacle, often requiring significant capital expenditure for upgrades like HVAC system replacements and solar installations. We also face data management challenges, but we are committed to overcoming these.
My vision for climate action emphasises the need for asset owners to understand the local risks of climate change, as these factors will increasingly influence asset pricing and insurance costs. The severe weather events in South Africa, such as recent floods in KwaZulu-Natal, highlight the urgency of addressing climate risks. As individuals and businesses, we all have a role to play, whether through behavioral changes or the influence we wield through investments. It’s important to shift the climate narrative to focus on positivity and tangible success stories that encourage others to get involved.
For those just beginning their climate journey, my advice is simple: start now. Perform a gap analysis to understand where you are and where you want to be. Be realistic about your ambitions, and know that some initiatives will succeed while others may fail. The key is to learn from each experience. Many experts are available to help guide your efforts, so don’t hesitate to seek support.
L2D’s progress has brought significant business benefits as well. Our energy savings positively impact building valuations, and our reputation has grown with our ambitious sustainability goalsand become a leader in certain aspects in the industry. I encourage companies across sectors to share their experiences – both successes and setbacks – to help drive meaningful change at a faster pace.
Everyone has a part to play in environmental sustainability, whether through small daily actions or significant organizational changes. It’s a rewarding field that allows us to make a tangible impact on the world.
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