12 October 2021
Offsetting: The Next Big Step in Our Climate Strategy
Grosvenor Britain & Ireland CEO, James Raynor, explains how offsetting will accelerate our contribution to tackling the climate crisis
At Grosvenor we take a long-term view on the evolution of the places in which we operate, allowing us to embed sustainability within them, as well as our direct business operations.
In 2019, we committed to be net zero carbon by 2030, 20 years earlier than the UK Government ambition. In 2020, we published our pathway to net zero carbon, the targets we need to hit for each emission source and the tools to help us achieve it. We are already on the ground delivering against this and, in 2021, we are taking that one step further.
The sense of urgency in tackling the climate crisis is palpable; in the news reports of extreme weather events, in scientific consensus, and in increasing activism in society. We have a rapidly diminishing window to get this right. So I’m very pleased to be publishing our offsetting strategy which significantly accelerates our contribution to tackling the climate crisis.
While emissions reduction remains our priority, offsetting is a vital tool in avoiding climate breakdown. This is why we are not waiting until 2030. We will begin offsetting our business operations from this year and will offset our entire business impact, across all scopes, by 2025, five years early, taking a climate positive approach on our pathway to net zero.
We believe that there is an immediate need for carbon offsetting using nature-based solutions, as well as the technological innovations required in the future to capture carbon from the atmosphere and lock it away. Our offsetting strategy looks to support both of these in creating a low carbon future.
By taking early action and beginning our offsetting journey now, it is not just the right thing to do but makes commercial sense. It will enable us to build partnerships and gives us opportunities to invest in future carbon removal technologies. It will also allow us to reduce the risks associated with this nascent and rapidly evolving market.
We hope this action helps others in our industry take similar steps in addressing their own impact. As we start our offsetting journey, we will share our progress as we seek to encourage others to join us to not only reduce, but remove, the environmental impact of the built environment sector.