Grosvenor aims to be first carbon-neutral property company by 2025

Grosvenor has announced plans to become the UK’s first carbon-neutral property company by 2025. The landlord, which manages hundreds of historic properties in Mayfair and Belgravia, is to fast-track the carbon offsetting element of its sustainability plans. Grosvenor said that while “absolute emissions reduction” remained a priority, it would target good-quality offsets as defined by the University of Oxford. That will involve investing in renewable energy projects, ecosystem restoration and long-term solutions such as carbon capture to offset its full carbon impact across its entire business. The company said the move would complement its broader plan to reduce actual emissions by 52% by 2030. Meanwhile, it has already committed to making all new developments net zero on completion. The business reduced emissions by 20% last year compared to 2019, a figure which was impacted by the pandemic. It also remains “firmly on track” to meet its 2030 goal, it said. James Raynor, chief executive of Grosvenor UK and Ireland (pictured), said the company needed “to use every tool at our disposal” to cut emissions in half by 2030. “We must reduce emissions as fast as possible while taking responsibility for the emissions we, and our value chain, produce. And that means offsetting. “We recognise the complexities of offsetting, but when governed robustly and alongside commitments to reductions in emissions, it is an important tool to achieving net zero. “So, why wait? We need to get on with action and take responsibility for the emissions we’re generating right now.” The company will name an industry partner to help it remain transparent in its offsetting plans, it said. It will also appoint its first long-term carbon offset provider in the near future. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews