Grosvenor joins Race to Zero campaign
Property developer Grosvenor Britain & Ireland has joined the Race to Zero initiative, joining thousands of other businesses striving to achieve an overarching goal of halving emissions by 2030 and reaching net-zero by 2050 at the latest.
Grosvenor is the latest firm to sign up for the UN’s Race to Zero initiative, which is aimed at getting organisations and entities to set net-zero targets. To date, more than 700 cities, 24 regions, 2,360 businesses, 163 investors and 624 higher education institutions have joined the initiative.
Grosvenor is the latest business to join Race to Zero. In December, the company outlined plans to become a net-zero business by 2030 and earmarked £90m to retrofit and ‘future proof’ its portfolio of buildings across London.
The company’s net-zero target covers emissions from all scopes, including a reduction in Scope 3 (indirect) emissions by at least 52% by 2030. The firm has developed a delivery roadmap called ‘Think Zero’ to help it meet its ambition. The targets were recently validated by the Science Based Targets initiative (SBTi).
Grosvenor’s director of climate-positive solutions Andy Haigh said: “From Governments to local businesses, Race to Zero provides a vital focal point for the global groundswell of activity on climate action.
“At Grosvenor, we strive to maximise our positive impact on communities, and to minimise negative impacts on the environment. As part of this incredible movement, we’ll continually to seek ways to innovate and partner with tenants, suppliers and communities to build a sustainable, healthy and resilient future and encourage them to join us on this journey.”
Currently, Race to Zero participants collectively cover nearly 25% of global carbon emissions and more than 50% of global GDP.
As of March 2021, almost one in three FTSE100 companies have signed up to the UN’s Race to Zero campaign.
According to the UK’s COP26 unit, FTSE100 signatories to Race to Zero represent a total market capitalization of £650m. This is before smaller businesses, non-listed firms and businesses covered by industry collaborations, like Water UK’s net-zero by 2030 roadmap, are accounted for.
Given that Grosvenor’s historic London estate in Mayfair and Belgravia is its main source of direct emissions, the company is targeting a 70% reduction in annual emissions here by 2030, against a 2019 baseline. It will invest in deep retrofits to make these buildings more energy-efficient, installing things like insulation, low-carbon heating and energy-efficient lighting.
Grosvenor manages more than 2,500 units in this area, including 500 Grade I and II listed buildings and structures. It has spent £25m on retrofitting for more than 100 buildings since 2013 and hopes the larger sum will accelerate progress. All managed buildings with tenants will also be transitioned to 100% renewable electricity. A target has also been set to ensure that all new buildings are net-zero in operational carbon by 2030.
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