23 March 2021
Grosvenor Europe’s net zero target approved by Science Based Targets initiative
Grosvenor Europe’s bold net zero carbon target, to reduce our total carbon impact by 50% by 2030, has been approved by the Science Based Targets initiative (SBTi).
The SBTi is the leading international and independent organisation challenging companies to reduce their greenhouse (GHG) emissions in line with the Paris agreement. Following a detailed review of our net zero carbon strategy, it was approved in line with the most ambitious trajectory, to limit global warming to 1.5oC.
Sara Lucas, CEO, Grosvenor Europe, comments: “SBTi approval is an incredibly important moment as we begin implementing our net zero carbon strategy. Not only is our approach in line with leading companies around the world, but we now have a clear vision of what we need to do in the short term, to prevent the worst impacts of climate change and future proof business growth.”
Grosvenor Europe’s 2030 net zero carbon strategy will reduce our total carbon impact by 50%. To achieve this, we will focus on three core areas:
1. Cut energy use in our buildings by one third
2. Reduce the embodied carbon intensity of our developments by 50%
3. Reduce the carbon intensity of purchased good and services by at least 60%
We also recognise that achieving our own targets will require us to engage with and support our occupiers and suppliers and investment partners with their own sustainability goals.
The SBTi approval in one more positive step in our journey to net zero. For many years we have considered the environmental impact of investment, management and development decisions. We 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 Bålsta Centrum in Stockholm.
And in 2019, we were one of the first real estate companies to sign up to the World Green Building Council and Better Buildings Partnership commitments. This requires us to ensure all buildings within our direct control will 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 more information on our Net Zero Carbon Strategy and to download the report, please visit here.
About Grosvenor Europe
Grosvenor Europe invests in, develops and manages real estate assets in vibrant European cities including Paris, Stockholm and Madrid. As a part of Grosvenor Group, with a track record of over 340 years, our activities are designed to improve properties and places that will deliver lasting commercial and social benefit in the places we are active.
Our approach to delivering social benefit identifies five priority areas where we believe we can have the most measurable impact on social and environmental sustainability and in 2020 we launched our net zero carbon strategy, committing us to halving our total carbon impact by 2030. This target was approved by the Science Based Targets Initiative and verified in line with the most ambitious trajectory of the Paris Agreement, to limit global warming by 1.5oC.
As at 31 December 2020, we managed £1.7bn AUM, including a several residential development projects, a growing office portfolio in Madrid and Paris, and retail-led assets in Stockholm.
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