Workspace Group, a prominent flexible work space provider, has inked a 10-year agreement with renewable energy supplier Statkraft to source electricity sustainably.
Decisive Move Towards Sustainability
This strategic deal will witness Statkraft fulfilling approximately two-thirds of Workspace’s anticipated electricity demand starting from February 2024. Furthermore, Workspace is set to exclusively utilize the electricity generated by a newly established solar plant located in Devon.
Advancing Corporate Sustainability Goals
Workspace emphasizes that this collaboration will not only fortify its commitment to sustainability but will also empower its clientele in realizing their environmental objectives by significantly reducing emissions. Notably, this marks a pioneering clean energy corporate power purchase agreement within London’s office provider sector.
Sonal Jain, Head of Sustainability at Workspace, affirms the significance of this move, stating, “Today we have taken a significant step on our path to net zero carbon by decarbonizing around two-thirds of our portfolio’s electricity use.”
Strategic Value and Financial Implications
Dave Benson, Chief Financial Officer at Workspace, underscores the strategic importance of this agreement, showcasing how the company’s scale, sustainability focus, and robust financial position allow it to take a leading step in the industry. He notes that the deal not only delivers substantial value to stakeholders but also ensures long-term energy security for both the Group and its customers.
Market Response and Future Outlook
Following this announcement, Workspace’s shares experienced an uptick, rising by 1.72% in early trading. The move aligns with a broader industry trend where companies seek workspaces with strong sustainability credentials running on clean energy.
Despite reporting a half-year loss last month, Workspace remains optimistic about its future, aligning its operations with environmentally conscious practices, further bolstering its appeal in a market increasingly valuing sustainability.
Source：dailymail.co.uk
