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22 APRIL 2021
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.
“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.
Grosvenor is a property developer, manager and investor – we create great places where communities, business and nature thrive.
In London’s West End, we support nearly 1,000 businesses and thousands of residents and workers each day. We also invest in new neighbourhoods elsewhere in London, Liverpool and across the South of England.
With a track record of over 340 years, we are part of an international property company improving property and places across many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of our customers and communities.
We are a values-led organisation which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food and agtech, rural estate management and support for philanthropic initiatives, shares a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
Head of Corporate Communications, Grosvenor Property UK
+44 (0)20 7312 2341 ext.6957