16 December 2020
Our Goal: Net Zero
Sara Lucas introduces Grosvenor Europe's Net Zero Carbon Strategy
Climate change is the biggest challenge facing our business, and the world, today and the built environment is responsible for nearly 40% of global carbon emissions. This places a huge responsibility on our industry to drive radical change, if we are to make progress in mitigating the worst impacts of global warming.
The scale of this challenge does not elude us. It requires us to change our collective approach to doing business, and to collaborate with all stakeholders including investment partners, occupiers, and peers.
One of the most effective ways we can reduce our impact on the environment, and future-proof our business activities, is to reduce the carbon emissions of our real estate portfolio. In 2019, we were one of the first real estate companies to make the ambitious commitment for all buildings within our direct control to operate at net zero carbon by 2030, and for all buildings (directly and indirectly managed) to achieve embodied and operational net zero carbon by 2050.
We are pleased to continue our journey by unveiling an ambitious and commercially grounded Net Zero Carbon Strategy. This commits us to reducing our total carbon impact (Scopes 1, 2 and 3) by 50% by 2030, against a 2019 baseline. We will achieve this by reducing our carbon emissions from energy use in our buildings, developments and purchased goods and services. We also recognise that to achieve our own targets will require us to engage with and support our occupiers and suppliers with their own sustainability goals.
Our strategy has been developed in line with the Better Buildings Partnership’s Net Zero Carbon Framework, aligns with the relevant UN Sustainable Development Goals and is reflective of our values of respect, integrity and trust. We will be transparent about our net zero carbon journey and will report regularly on our progress.
This document provides detail on the scope of our commitment, our approach and how we intend to measure and report our progress. The strategy is the result of business-wide stakeholder engagement, detailed technical modelling, and an in-depth review of net zero carbon performance in the market.
We acknowledge that our path to net zero is likely to evolve, so we will continue to monitor changes in the market and learn from our experiences as we journey towards achieving a net zero carbon portfolio.
Chief Executive Officer