Grosvenor Property UK announces plans to fast-track its Net Zero Pathway by activating its carbon offsetting strategy five years earlier than planned. This makes Grosvenor the UK’s first property company to be carbon neutral across all scopes by 2025.

Under its Net Zero Carbon Pathway, absolute emissions reduction remains the priority, with Grosvenor committed to a 52% reduction between 2019 and 2030.

To complement reduction efforts, Grosvenor will mitigate residual emissions through long-term and high-quality offsets. This includes investing in renewable energy projects, ecosystem restoration and long-term solutions such as carbon capture. It follows the University of Oxford Principles’ definition of good quality offsets and aligns with the Science Based Targets initiative. To ensure that significant social and environmental co-benefits are created and evidenced, the offset strategy will be scrutinised by an independent partner.

James Raynor, CEO, Grosvenor Property UK said: “Globally, emissions need to be cut by more than half by 2030 if we’re going to stand any chance of meeting the Paris target of limiting climate warming to 1.5 degrees. To make that happen, we need to use every tool at our disposal. We must reduce emissions as fast as possible while taking responsibility for the emissions we, and our value chain, produce. And that means offsetting.

“We recognise the complexities of offsetting, but when governed robustly and alongside commitments to reductions in emissions, it is an important tool to achieving net zero. So, why wait? We need to get on with action and take responsibility for the emissions we’re generating right now.”

From this year, Grosvenor will offset all corporate emissions. Alongside this, all new developments will be net zero on completion. By 2025, it will offset its full impact across the entire business, making it carbon neutral.

The first step in Grosvenor’s offsetting strategy will see the organisation confirm an industry partner to support the development and transparency of its approach. It will also appoint its first long-term carbon offset provider soon.

Grosvenor has pledged transparency in its efforts, through sharing learnings, to create sector understanding on what quality carbon removal looks like.

The business’ first Pathway update, also released today, shows it achieved a 20% emissions reduction in 2020 compared to 2019. Despite the inevitable impact of COVID, Grosvenor remains firmly on track to deliver the 2030 goal which includes direct (Scope 1 and 2) and indirect (Scope 3) emissions from its value chain.

Tor Burrows, Executive Director, Sustainability and Innovation, Grosvenor said: “We recognise how important reducing absolute emissions is in tackling the climate crisis, but we also know that credible offsetting will play a crucial role in helping us reach net zero. Developing the strategy has helped us thoughtfully determine the different types of offsets we will invest in. As well as acknowledging the benefits of short-term offsets like reforestation, we are looking towards long-term solutions through carbon removal and storage.

“We’re entering the offsetting market with our eyes wide open and will share our learnings with others and help the industry become greener at a quicker pace.”