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18 SEPTEMBER 2023
Grosvenor’s UK property business announces a 32% reduction in its carbon footprint since 2019 in its 2022 Net Zero Carbon Pathway update.
Through its Science Based Target, the business has committed to at least a 52% reduction in emissions across all scopes by 2030 and a 90% reduction by 2040. Its major levers include reducing emissions from its supply chain, developments and standing portfolio.
44% of suppliers by spend now report emissions data to the business and 52% hold a validated Science Based Target, aligning them with the Paris Agreement’s aim of limiting global warming to 1.5oC. Our innovative SME Supplier Mentoring Programme, which saw 29 partners achieve a validated Science Based Target and map and commit to reducing their own footprint, was instrumental to the significant jump in accurate data being provided to the business.
Three major developments – all refurbishments of existing buildings – completed in 2022, driving an expected rise in emissions from this category year-on-year. However, each project outperformed its embodied carbon target, demonstrating how continual innovation and focus on carbon throughout the lifecycle of development can yield results.
Since 2019, Grosvenor has achieved a reduction in building emissions in its London portfolio and is already investing in the energy efficiency of newly acquired assets including its 500,000 sq ft regional office portfolio established across 2021 and 2022. And, by the end of this year the business expects to have retrofitted one million sq ft of commercial and residential space in its historic London portfolio.
Ed Green, Director – Sustainability, Grosvenor Property UK said:
“We’re tracking well against our net zero carbon pathway, delivering a 32% reduction across all scopes since 2019. With 2022 the first full year of the pathway not impacted by any COVID restrictions, and building occupancy and development activity normalising, this continued reduction is a significant achievement.
“Central to our ongoing success is developing stronger relationships with our supply chain. Through a partnership approach we have been able to get more accurate data, better understand our impact, and more effectively target interventions.
“We still face many challenges to meet our ambition of reducing emissions by 90% by 2040. Collaborations and innovations that address our largest emissions sources are an exciting opportunity and we’ll continue to invest in technologies and partnerships that will support our goals and deliver effective climate action.”
In April, Grosvenor also announced a global carbon commitment to reduce emissions in line with limiting global warming to 1.5°C. This will be supported by credible carbon reduction pathways delivered by each of its businesses across its urban property, food and agtech and rural estates management activities.
Grosvenor is an international property developer, manager and investor with a track record of over 340 years. We improve 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.
Our direct property activities span the UK, North America, Asia and Europe. Meanwhile, our Diversified Property Investments business co-invests with like-minded third-party managers in joint ventures to further diversify our sectoral and regional property exposure.
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.