Grosvenor Britain & Ireland today announces a £90m programme to retrofit and future-proof its historic London estate as a key component of its 2030 commitment to becoming a net zero carbon business.
They are one of 25 leading UK property companies that made a Climate Change Commitment in 2019 to publish and report annually against a net zero carbon pathway.
Launched today, the Pathway focusses on their biggest levers for change:
In 2019, their emissions were 59,100 tonnes of CO2. In 2030, they will be 28,600 tonnes or less (a drop of at least 52%); any residual emissions which cannot be reduced will then be offset.
Central to achieving this reduction is a £90m ring-fenced commitment to a targeted energy saving and retrofit programme which will future-proof heritage and other buildings across our Mayfair and Belgravia portfolio.
Here, Grosvenor manage over 2,500 units mostly within a conservation area including 500 Grade I and II listed buildings and structures. A £25m retrofit programme has already contributed to a 25% carbon saving since 2013, future-proofing c450 units in over 100 buildings.
James Raynor, Chief Executive, Grosvenor Britain & Ireland, commented: “Climate change is the single biggest risk to our business and society. To build climate resilience and future proof our portfolio we must fundamentally transform how we operate, develop and manage places. Today’s announcement signals a new level of ambition to climate action, setting out how we will become a net zero business in the next 10 years.”
Tor Burrows, Executive Director of Sustainability and Innovation, Grosvenor Britain & Ireland, added: “Emissions from the built environment in Westminster are double the UK average*. In committing £90 million to the decarbonisation of our properties in Mayfair and Belgravia we will improve the resilience of our portfolio and the places in which we work. By 2030 we will have invested over £115 million in energy efficiency and retrofit programmes on our estate.”
Since 2015, Grosvenor have reduced Scope 1 and 2 emissions by 29% and like for like energy consumption by 14% across the business. They have also accelerated their decarbonisation programme and tools already in place to help meet the 2030 net zero carbon goal include:
Tor Burrows concluded: “Success is only possible by working side by side with our tenants, suppliers and communities. Carbon reduction on this scale cannot be achieved alone; close collaboration is fundamental to drive behaviour change which has a lasting, positive impact.”
Hannah Fluck, Head of Environmental Strategy, Historic England commented: “Older buildings can offer many lessons and insights to help us tackle the climate crisis. Investing in them in a way that makes the most of their inherent sustainability and resilience is an important part of our country’s journey towards net zero. Historic England welcomes Grosvenor’s commitments, and we look forward to exploring with them how best to deliver the dual benefits of reducing carbon and energy and conserving our built heritage for future generations.”
* 40% of global emissions are from the built environment but this is higher in London where the figure is 78% and even higher in Westminster at 85%
Read the original article here.
Access their Net Zero Pathway here.