16 December 2020
Our Goal: Net Zero
Grosvenor Europe launches Net Zero Carbon Strategy
Grosvenor Europe today launches an ambitious strategy to achieve net zero carbon (net zero) across its portfolio.
Our strategy sets out how we will deliver on our net zero commitments and reduce our carbon impact by 50% by 2030.
We have a clear path to net zero that focuses on three key areas. By 2030, we will:
- Cut energy use in our buildings by one third
- Reduce the embodied carbon intensity of our developments by 50%
- 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 with their own sustainability goals.
We 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, we will reduce our total carbon impact to c.3,000 CO2e. Any residual carbon will be offset.
Climate change is the biggest challenge facing our business, and the world, today and the built environment is responsible for nearly 40% of global carbon emissions. This places a huge responsibility on our industry to drive radical change, if we 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, we were one of the first real estate companies to make the ambitious commitment for all buildings within our 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 we have considered the environmental impact of investment, management and development decisions. And 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 Sweden. We are also in the process of establishing an independently verified science-based target, which we will publish in early 2021.
For more information on our Net Zero Carbon Strategy and to download the report, please visit here. We will be speaking with all our partners and suppliers about the strategy in early 2021.
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.
Follow us on:
Linkedin: Grosvenor Group