We’ve committed to science-based decarbonisation targets – what does this mean for our projects and the planet?
Wellbeing is at the core of what we do. We design our workspaces with people in mind and hold ourselves to the very highest standards, with our buildings across Europe scoring highly in WELL, BREEAM, and a variety of other certifications. But we don’t just take a people-first approach. We’re also planet-first.
We’ve set out our decarbonisation targets and strategy to achieve Net Zero Carbon emissions by 2050. We’re continuing to reduce our environmental impact and supporting our tenants as they undertake their own decarbonisation journeys.
And now the Science Based Targets initiative (SBTi) has validated our targets. This means they recognise them to be consistent with the Paris Agreement to minimise global warming, and the EU ambition for Europe to become the first climate-neutral continent by 2050.
Let’s take a closer look at what this means and how it’ll shape our operations going forward.
What is SBTi?
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and WWF. In essence, it promotes best practices for the private sector to reduce emissions and set decarbonisation targets.
The SBTi requires participants to take significant steps to reduce their overall emissions throughout the value chain. This includes:
- Determining a baseline year through accurate emissions calculations.
- Aligning near-term targets with the 1.5°C minimum increase plan set out by the Paris Agreement.
- Committing not to use carbon offsets or avoided emissions as part of near-term reduction targets.
- Reducing the majority of total emissions by 2050 as a long-term target.
By having SBTi validate that our decarbonisation commitments fall in line with this pathway, we can be confident that our strategy fits with the latest climate science.
Our decarbonisation commitment
We understand real estate and property development’s impact on the planet. That’s why we’re taking responsibility to help fight the climate crisis with our decarbonisation strategy.
So, what are our targets? Let’s get into the numbers.
We’re using 2021 as the baseline year for our decarbonisation strategy:
- Corporate – 4,571 tCO2e
- Direct real estate assets – 19,967 tCO2e
- Construction and development activities – 194,075 tCO2e
- Total 2021 Carbon Footprint – 218,613 tCO2e
Discover more about our carbon footprint here.
Our near-term goal is to reduce 42% of Scope 1 & 2 emissions by 2030 and 25% of Scope 3 emissions across the value chain by 2030.
Our long-term goal is to reduce at least 90% of our total footprint by 2050 (both near- and long-term reduction goals are from our baseline year of 2021).
We’re looking to reduce our operational and embodied carbon by:
- Reducing energy consumption.
- Generating renewable energy on- and off-site.
- Buying only renewable energy when we can’t generate it ourselves.
- Utilising low carbon alternatives of materials such as steel, concrete, glass, and timber.
- Measuring carbon in detail at each project stage.
- Bringing carbon awareness into decision-making across the project lifecycle, from design to construction and operation.
Turning words into action
Whilst setting targets is a great step forward, it’s important to ensure these commitments are feasible, and to begin making them a reality as soon as possible.
We don’t want to simply talk the talk. We’re walking the walk, designing our projects with the future of the planet in mind. Worship Square, PLTFRM.Berlin, and One Waterloo are already aligned with our decarbonisation targets.
Why it’s so important to act now
The IPCC’s Special Report on Global Warming of 1.5°C has outlined the pressing need to reach decarbonisation (net-zero carbon) by 2050, which is echoed in the EU’s climate neutral goal.
Otherwise, we face severe risks to the planet – including impacts on people, wildlife, and ecosystems – which is why we’re aiming for continent-wide decarbonisation goals that align with this.
“As a leading provider of office spaces centred around wellbeing, it’s important for us to consider the planet’s wellbeing in our projects.” – Marian Herman, CEO
In continuing our own decarbonisation journey, we also recognise how our tenants are doing the same. Having a workspace partner that supports their efforts and helps them realise their goals will be key.
Not only does this benefit their sustainability targets, but also their employees, as cleaner, healthier, and more sustainable buildings are better for both people and the planet.
“We not only want to support our tenants with their decarbonisation journeys, but also ensure we meet global sustainability targets and reduce our impact on the planet as much as possible.” – Tomas Messinger, Head of ESG and Sustainability
Helping people and the planet stay well
We’re proud to have our targets validated by SBTi, and to be in the company of thousands of leading brands such as L’Oréal, BritVic PLC, and Netflix. While the road to decarbonisation is long, we recognise the importance of taking action now, and are excited to bring our tenants along for the ride.
Whether you’re looking for a workspace provider that can support your sustainability goals, or you’re already with us and want a hand setting your decarbonisation targets, we’re here to help.
Get in touch to find out how we can partner with you on your decarbonisation journey.
