We are committing to net zero carbon across our international portfolio


Mark Preston

Grosvenor Group Chief Executive

Today at Grosvenor Group we are announcing our commitment to achieve net zero carbon operational emissions from all of our directly-managed buildings globally, by 2030, and to work towards all buildings, directly and indirectly-managed, being embodied and operational net zero across our portfolio by 2050.

Signing up to the World Green Building Council’s (WGBC) Commitment to accelerate action across the Group’s international businesses and help mitigate climate change, the commitments are aligned with the Greenhouse Gas Protocol emissions scopes* which underpin the WGBC’s Commitment.

To achieve these targets, we will eliminate carbon emissions under our control and sustainably design, construct, operate and invest in net zero-ready buildings. We will advocate and work towards the same goals with third parties and tackle embodied carbon, while enabling occupiers to reduce or eradicate carbon emissions from their own operations. The announcement follows Grosvenor Britain & Ireland’s zero carbon commitment announced in May 2019.

We firmly believe that to address the ever more tangible implications of climate change, business must take a leading role in shaping the global solutions that are required. As an international property company and in order to help tackle this urgent global issue our commitments will be consistently applied everywhere we do business.

By signing up to the WGBC’s commitment, we:

  1. Commit – All buildings within our direct control, including historic listed buildings, to operate at net zero carbon by 2030.
  2. Disclose – We will expand our longstanding approach to measuring and assessing asset and portfolio energy demand and carbon emissions, disclosing whole building data for energy, water, waste and construction emissions.
  3. Act – We will develop and implement a decarbonisation roadmap outlining key actions and milestones including both operational and embodied carbon.
  4. Verify – We will demonstrate enhanced energy performance, reduced carbon emissions and progress towards net zero carbon assets and portfolio.
  5. Advocate – We will demonstrate leadership to support the wider transition towards all directly and indirectly-managed buildings, being embodied and operational net zero by 2050 – see further details at the bottom of this article.**

In order to support the Intergovernmental Panel on Climate Change’s recommendations of keeping within 1.5 °C of warming above pre-industrial levels, we are also committing to working towards net zero embodied carbon and tenant emissions – carbon created through associated supply chain and tenant activities – by 2050. 

We would not typically commit to any targets without a clear plan of how to achieve them. Yet, unless we make this a top priority and pursue innovation, we won’t build the necessary momentum to make it happen fast enough. It will take too long and we will have failed to meet our responsibility towards current and future generations.

We don’t take this responsibility lightly and believe that it is incumbent on everyone to inform themselves with real evidence, pursuing solutions that can make a meaningful difference. We must act now and decisively, encouraging others to do likewise.

*Scope 1 emissions are direct emissions from owned or controlled sources; Scope 2 emissions are indirect emissions from the generation of purchased energy; Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions

**The detail of our commitment:

We commit that all buildings within the direct control of Grosvenor Group will operate at net zero carbon by 2030, and we will work towards all buildings, directly and indirectly managed, being embodied and operational net zero by 2050.  

  1. Where we invest in and manage buildings solely as principal or with co-investors we commit to the assets in our portfolio that we control (i.e. tenant areas excluded) reaching Net Zero operating emissions by 2030. To achieve this:
  • All NEW buildings will be designed and constructed to deliver net zero operating emissions by 2030.
  • Standing investments will be adapted to be operationally net zero carbon by 2030.
  1. Where we invest in buildings that are managed by a 3rd party we will advocate for and work towards the assets in our portfolio that the manager controls (i.e. tenant areas excluded) reaching Net Zero operating emissions by 2030. To achieve this:
  • We will require all NEW 3rd party managed investments in our portfolio to be operationally net zero carbon by 2030.
  • We will advocate for all existing 3rd party managed investments in our portfolio to be adapted to be operationally net zero carbon by 2030.
  1. For space that is controlled by 3rd party tenants, we will use our influence and expertise as landlord to deliver zero carbon buildings in their entirety by 2050. This includes both landlord and tenant areas.
  2. We will advocate and work towards net zero embodied carbon emissions from the construction of all new buildings by 2050.[1]
 

[1] Our 2050 commitment is to achieve net zero scope 3 emissions. This means net zero carbon for all areas we control, all tenant areas and all embodied energy, i.e. emissions from the whole building lifecycle.  This target is aligned to the latest climate science.

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