Greener and cheaper homes for Stonewater customers

Stonewater has set out further details of its plans to install low-carbon heating and cut carbon emissions across thousands of its homes.

Ground Source Heat Pump

The Sustainable Finance Framework (SFF), published today (17 June), builds on the recent work Stonewater did with IPPR (Institute for Public Policy Research) on making homes more environmentally friendly and more affordable to live in.

Measures in the SFF include commitments by Stonewater to:

  • Ensure all our 33,600 homes have an EPC rating of at least band C by 2030 and then ensure as many homes as possible are EPC B by 2040. We plan for our business be net zero-carbon by the government deadline of 2050
  • Build 6,250 new homes in the five-year period until March 2024
  • Develop 1,500 new homes every year from 2022/23
  • Create strategies for sustainable procurement, sustainable waste management and water management
  • Reduce Stonewater’s office carbon footprint by 33% to 81.5 tons per annum and our business mileage carbon footprint by 33% to 482 tons per annum by March 2022 (compared to the financial year 2019/20)

John Bruton, Executive Director – Finance at Stonewater, said: “This is a very significant moment for us and all our customers. While Stonewater has been working for a number of years now to cut carbon emissions and make our homes more affordable, the Sustainable Finance Framework makes it crystal clear what we will do in these crucial areas and when. It also enables us to measure and monitor progress.

“Investors and customers will be able to see exactly what we are doing and progress against these targets. An additional benefit of this work is that we continue to attract competitive funding at low costs. This will allow us to do more to invest in our existing homes, while continuing to build new, affordable homes where they are most needed.”

Stonewater is already acting to improve properties. 500 homes in total now have low-carbon heat pumps, including at the Energy Superhub in Oxford and at 49 homes in Weobley, Herefordshire.

In addition, through its partnership with the Community Forest Trust, Stonewater ensures six trees are planted for every home built – this is more than 12,200 trees to date and counting.

NatWest supported Stonewater with the development of its SFF, and ISS Corporate Solutions independently reviewed the SFF and provided a positive Second-Party Opinion.

For more information, read the full Sustainable Finance Framework and Second-Party Opinion in the investor relations section of our website.