Grosvenor Europe has launched an ambitious strategy to achieve net zero carbon (net zero) across its portfolio.
The strategy sets out how we will deliver on net zero commitments and reduce carbon impact by 50% by 2030.
They have a clear path to net zero that focuses on three key areas. By 2030, we will:
- Cut energy use in buildings by one third
- Reduce the embodied carbon intensity of developments by 50%
- Reduce the carbon intensity of purchased good and services by at least 60%
They also recognise that achieving their own targets will require them to engage with and support occupiers and suppliers with their own sustainability goals.
They chose 2019 as our carbon baseline year, as it is the most recent year with full data available. In 2019, our total Scope 1, 2 and 3 emissions were c. 6,000 CO2e. By 2030, they will reduce our total carbon impact to c.3,000 CO2e. Any residual carbon will be offset.
Climate change is the biggest challenge facing business, and the world, today and the built environment is responsible for nearly 40% of global carbon emissions. This places a huge responsibility on industry to drive radical change, if they are to make progress in mitigating the worst impacts of global warming.
Sara Lucas, Chief Executive Officer, Grosvenor Europe, commented: “One of the most effective ways we can reduce our impact on the environment, and future-proof our business activities, is to reduce the carbon emissions of our real estate portfolio. The scale of this challenge does not elude us.
“After a comprehensive assessment, we are pleased to launch an ambitious and commercially grounded Net Zero Carbon Strategy, which will guide us to reduce our carbon impact by 50% by 2030.”
Sarah Ratcliffe, CEO, Better Buildings Partnership, said: “It’s fantastic to see Grosvenor Europe publish their net zero carbon pathway which outlines an ambitious strategy to reduce their total carbon impact by 50% by 2030. This is accompanied by a detailed action plan and, in particular, asset level, costed assessments that will enable appropriate investment in improvements to be made. The pathway is also very transparent about the challenges and opportunities that lie ahead, not just for Grosvenor Europe, but for the whole industry.’
The launch of Grosvenor Europe’s net zero carbon strategy, which is aligned with the Better Buildings Partnership’s Net Zero Carbon Framework and the relevant UN Sustainable Development Goals, is a step in our journey towards net zero.
In 2019, they were one of the first real estate companies to make the ambitious commitment for all buildings within their direct control to operate at net zero carbon by 2030, and for all buildings (directly and indirectly managed) to achieve embodied and operational net zero carbon by 2050.
For many years they have considered the environmental impact of investment, management and development decisions. And the company already invest in net zero ready buildings, like the IDOM office building in Madrid, and in sustainable energy sources like geothermal heating and cooling in Sweden. They are also in the process of establishing an independently verified science-based target, which will be publish early 2021.
For more information on their Net Zero Carbon Strategy and to download the report, please visit here.