Canary Wharf Group has joined The Climate Pledge, a commitment founded by Amazon and Global Optimism to reach net zero by 2040 at the latest – a decade ahead of the Paris Agreement’s goal of 2050.
Signatories to The Climate Pledge agree to: measure and report greenhouse gas emissions on a regular basis; implement decarbonisation strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies; and neutralise any remaining emissions with additional, quantifiable, real, permanent, and socially-beneficial offsets to achieve net-zero annual carbon emissions by 2040.
In making the commitment, Canary Wharf Group becomes the first real estate business to join The Climate Pledge.
As part of the commitment, Canary Wharf Group has launched its Net Zero Carbon Pathway, setting out tangible steps to improve energy efficiency and reduce emissions, to achieve net zero carbon by 2030. This includes a timeline for activity such as replacing the vehicle fleet, engaging tenants and suppliers, and replacing the use of natural gas across the Canary Wharf estate.
The pathway was welcomed by Sarah Ratcliffe, CEO of Better Buildings Partnership: “We are delighted to see Canary Wharf Group publish its Net Zero Carbon Pathway as part of its obligations as a signatory to the BBP Climate Commitment. Canary Wharf Group has set an ambitious target to achieve net zero carbon status for the entire CWG reporting scope and the pathway clearly demonstrates the critical importance of engaging with both occupiers and the supply chain to deliver on this. We look forward to seeing how CWG matches this leadership with the collaboration and innovation required over the coming years.”
It comes as the UK’s Climate Change Committee publishes the 6th Carbon Budget. This important analysis will provide Ministers with advice on the volume of greenhouse gases the UK can emit and will include specific implications for a range of sectors. Against this backdrop, it is more important than ever that companies who are committed to achieving net zero outline practical plans to deliver on the ambition.
Martin Gettings, Group Head of Sustainability at Canary Wharf Group said: “It is encouraging to see the rapid growth in net zero commitments from companies across the economy. In order to achieve the ambition of net zero, companies need to move from ambition to action which is why I am proud we have today published our Net Zero Carbon Pathway. We are committed to working with tenants and suppliers to deliver net zero emissions across Canary Wharf by 2030.”