The People Positive strategy focuses on key performance pillars that will enable Grosvenor Property UK to contribute to society.
The new plan, unveiled today (October 5), focuses on three priority areas: improving the well-being of places in the built environment it creates and manages, helping local communities by championing inclusive growth and diversity, and maximizing the benefits offered to its people and partners.
The new strategy was created based on extensive research and feedback, and is intended to help the company make informed decisions based on a better understanding of local needs. As part of the strategy, the company will continue a £1 million Greener Futures programme, which recently expanded to Liverpool and supports the Westminster Foundation, and combines wellbeing with the company’s sustainability efforts.
Grosvenor Property UK Chief Executive James Raynor said: “We want to have a genuine long-term positive impact on people and communities. But this is not something we take for granted as an automatic by-product of what we do.
“Therefore, we have broadened our sustainability ambitions to encompass a business-wide approach to social impact that enables us to understand, measure and maximize our impact. Social impact will now be as much a part of decision-making as business and environmental considerations, ensuring that people and the planet are at the center of our business.”
Zero net vision
Earlier this year, Grosvenor Property UK became the first European property company to receive verification of its long-term emissions targets against the Science-Based Targets Initiative (SBTi) zero emissions corporate standard.
Grosvenor Property UK’s net zero target date is 2040 and the target covers Scope 1, 2 and 3 emissions. It will need to reduce absolute emissions across all scopes by 90% by 2040, compared to the baseline of 2019, to meet its standard commitment to zero net emissions.
A 24% reduction in absolute emissions across all scopes has already been achieved since 2019.
With Grosvenor Property UK’s historic London estate in Mayfair and Belgravia being its main source of direct emissions, the company is targeting a 70% reduction in annual emissions here by 2030, compared to a 2019 baseline. It will invest in extensive renovations to make these buildings more energy efficient, installing things like insulation, low-carbon heating and energy-efficient lighting.
A target has also been set to ensure that all new buildings have net zero operational carbon emissions by 2030. Like many companies in the UK built environment sector, Grosvenor Property UK is also increasingly focusing on the incorporated carbon. Its objective is that all construction projects reach a maximum of 500 kg of COtwoe/mtwo by 2025.
Regarding offsetting, Grosvenor Property UK originally intended to activate its first carbon credits in 2025, but brought the timetable forward to the end of 2021, stating: “We need to continue to take action and take responsibility for the emissions we are creating. right now. ”
Most recently, the company launched its new biodiversity strategy, which lays out plans for nature-based solutions. You can read Edie’s full coverage of the biodiversity strategy here.
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