Grosvenor’s UK property business (GPUK) has announced that it is the first European property company to have its long-term net-zero targets approved by the Science Based Targets initiative (SBTi). This will see the organisation reducing its emissions by at least 90% by 2040 to reach net-zero.
The SBTi is a partnership of some of the world’s leading environmental organisations. It supports companies to set verified carbon reduction targets needed to meet the goals of the Paris Agreement – limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.
These targets initially required businesses to halve emissions before 2030 but following on from COP26, businesses are now required to reduce emissions by 90% before 2050 to achieve net-zero. Grosvenor has committed to achieving SBTi’s new net zero standard and has set long-term emissions reduction targets, approved today, which will see it reducing its entire carbon footprint, including its direct and indirect carbon emissions by 90% by 2040 from a 2019 base year.
This news comes shortly after the launch of Grosvenor’s latest carbon report, in which the company reported a 24% reduction in emissions across all scopes over a two-year period. The business will be accelerating its work in this space, aiming to retrofit 400,000 square feet of its properties, double what it retrofitted in 2021. It will also be continuing to roll out its supplier mentoring programme which supports SMEs to set their own science-based targets.
Andy Haigh, Director, Climate Positive Solutions at Grosvenor Property UK said: “At a time when the latest IPCC report shows a ‘code red for humanity’, it’s never been more important for us at Grosvenor to prioritise our climate ambitions.
“To have had our science-based net-zero targets approved by the SBTi, underlines to our residents, occupiers, supply chain and all our other partners that our net-zero targets will reduce emissions at the pace and scale required to keep global warming to 1.5°C.
“Today’s announcement is testament to the work being undertaken across our business to transform how we make and manage places to create a climate resilient future. We look forward to sharing our journey towards net zero and working with our partners to support them to do the same.”
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.