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In 2022, Grosvenor’s UK property business became the first European property company to have a long- term net zero target approved by the Science Based Targets initiative (SBTi).
This will see us meet the SBTi’s new, more stretching definition of net zero: reducing emissions by at least 90% by 2040 from a 2019 baseline.
The certification is testament to the transformation of the business around our sustainability goals. We remain ahead of our net zero pathway, having reduced emissions across all scopes by almost 24% over a two-year period.
Major contributors to this have been our £90m retrofit commitment, which will fund energy efficiency investments in one million sq ft of our historic portfolio by 2023, innovations such as recycling of steel which have supported carbon reductions in the development pipeline and a mentoring programme supporting SME suppliers to set science-based targets.