22 April 2021
Science Based Targets Initiative Approves Grosvenor Britain & Ireland’s Carbon Reduction Pathway
The Science Based Targets initiative (SBTi) has validated Grosvenor Britain & Ireland’s ambitious carbon reduction pathway and targets.
The approval of our pathway, Think Zero, confirms that our goals are in line with best practice and with what the latest climate science says is needed to meet the most stretching aim of the Paris Agreement: limiting global warming to 1.5°C.
Our targets cover greenhouse gas emissions from the business’ own operations (scopes 1 and 2) as well as ambitious aims to drive down emissions from our value chain (scope 3 emissions, including supplier and tenant activity).
Our value chain accounts for 94% of our carbon footprint. It is critical for us to address these emissions to ensure the overall impact of our operations is reduced.
We have therefore included our indirect, as well as our direct, impacts in our decarbonisation target, committing to a reduction of at least 50% by 2030.
Meeting this target requires extensive engagement with suppliers and tenants to ensure they are empowered to think and act sustainably.
“This independent validation confirms that we are leading with one of the most aggressive carbon reduction pathways in our industry and playing our part in preventing the worst effects of climate change," commented Andy Haigh, Director – Climate Positive Solutions, Grosvenor Britain & Ireland.
“They also demonstrate the exhaustive nature of our ongoing work with tenants and suppliers to tackle the hardest aspect of carbon reduction – scope three emissions.
“Innovation with these partners will be a key feature of success, however, we already have many of the building blocks needed in place including green leases, our supply chain charter and £90 million retrofit programme. As we deliver against our Science Based Target, we have started an engagement campaign to ensure that our partners share our ambition in absolute carbon emissions reduction.”
GBI is the 10th UK real estate firm to have its targets validated by the SBTi, and joins UK based Grosvenor Europe, whose targets were validated in March 2021.
About Grosvenor Britain & Ireland
Grosvenor Britain & Ireland creates great places where communities, business and nature thrive.
In London’s West End, we support 9,000 residents, c1,000 businesses and 50,000 workers every day. We also create and manage sustainable neighbourhoods in London, Liverpool and across the South East of England.
We are one part of a global, family owned business that has been developing and managing land and property for over 340 years. Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
Notes to Editors
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
The SBTi defines and promotes best practice in science-based target setting and independently assesses companies’ targets.