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In 2020, we made an ambitious commitment to halve the total carbon impact of our European property assets by 2030 an approach validated by the Science Based Targets initiative in 2021.
Here we publish our first update on progress to that goal, covering both 2020 and 2021 emissions data.
In this time, we secured our first green financing deal, issued our first climate related risk disclosure in line with TCFD and trialled alternative construction techniques and materials, like locally-sourced timber in Madrid, and fossil fuel free demolition machinery in Paris. A new Partner Charter also defines how we work with our suppliers to meet the climate emergency.
However, most significant was the acceleration of engagement with colleagues.
Building greater awareness, providing enhanced training and room for innovation allowed us to motivate our people to look for environmentally friendly solutions across all our business activities, from office management to our development practices.
The deal releases significant equity for reinvestment in Spanish market and supports Grosvenor’s journey to a net zero carbon directly-managed portfolio by 2030.
Grosvenor Europe’s bold net zero carbon target, to reduce our total carbon impact by 50% by 2030, has been approved by the Science Based Targets initiative (SBTi).
Grosvenor Europe has increased its Green Star rating to 5 in the 2021 Global Real Estate Sustainability Benchmark (GRESB) reporting. As part of the corporate rankings, Grosvenor Europe scored 88 and 92 points for its investment and development activity respectively, placing it in the top five companies of its peer group.