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05 DECEMBER 2023
Today, Grosvenor is publishing carbon reduction strategies and detailed delivery plans for two of its operating companies – Grosvenor Food & AgTech and Grosvenor Diversified Property Investments. These strategies are the latest step in Grosvenor’s global commitment to reducing emissions in line with limiting global warming to 1.5°C.
Grosvenor Food and AgTech is an active international investor in companies that are rethinking how food is produced, distributed and consumed – leading positive change that enhances human health, the natural environment and the economic sustainability of farming and food production. By 2040, all qualifying portfolio companies (as defined by SBTi) will have 1.5°C-aligned carbon reduction pathways, supported by interim targets. All operational emissions will be net zero by 2040.
Grosvenor Diversified Property Investments deploys Grosvenor’s own capital alongside specialist third-party managers across a variety of real estate sectors globally. Its pathway confirms that by 2040, 100% of partners will have a 1.5°C-aligned carbon reduction pathway on exit, following SBTi guidance. The business’ operational emissions will also be reduced to net zero by 2030.
In April 2023, Grosvenor published its global carbon commitment, which will see each business reduce direct and indirect emissions to deliver, at a minimum, a science-based target reduction in line with limiting global warming to 1.5°C by 2050.
We’re already making substantial progress. Our UK property business, the first in its sector to have a validated long- and near-term Science Based Target, has already reduced emissions by 32% between 2019 and 2023. The business is targeting at least a 52% reduction in emissions across all scopes by 2030 and a 90% reduction by 2040. Major decarbonisation levers include working closely with its supply chain to reduce emissions, maintaining a strict low-carbon development standard, and retrofitting its existing portfolio to increase energy efficiency.
In line with our global commitment, all Grosvenor’s operating companies will have a published carbon reduction strategy by April 2024.
Mark Preston, Executive Trustee, Grosvenor, commented: “By aligning with the Science Based Targets initiative, all our businesses globally are committed to the urgent action required to help limit global warming to 1.5°C. The publication of a further two carbon reduction pathways today means that over half of our commercial operating companies, and 48% of our baseline emissions, now have public delivery strategies – an important step forward for our global carbon commitment. We expect all operating companies to have published strategies ahead of our April 2024 goal.”
Tor Burrows, Group Sustainability Director, Grosvenor, commented: "As a responsible investor in and alongside third parties, we recognise our responsibility to influence change to drive down emissions. These pathways set out how we will engage proactively with existing and new partners to make reductions, as well as reducing our own emissions."
Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.