Glenveagh Properties plc is delighted to announce that it has had its science-based targets (SBTs) formally verified by the Science Based Targets initiative (SBTi).
The SBTs were developed as part of Glenveagh’s Net Zero Transition Plan, which was published in March 2023, and have since undergone a rigorous validation process with the SBTi. Overall, Glenveagh commits to reaching net-zero greenhouse gas emissions across its value chain by 2050 from a 2021 base year.
The approved targets see Glenveagh committed to reducing its absolute scope 1 and 2 greenhouse gas emissions (GHG) by 46.2% by 2031 and by 90% by 2050. Glenveagh has also committed to reducing its scope 3 GHG emissions intensity (tCO2e/100sqm) by 55% by 2030 and 97% by 2050. All of these targets are from a base year of 2021.
Glenveagh’s Net Zero Transition Plan is a comprehensive plan to achieve these targets and includes such actions as using renewable fuel on sites, transitioning the fleet to electric vehicles, engaging with suppliers and subcontractors to reduce their emissions, and innovating all aspects of the home building process to reduce the embodied carbon.
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and is one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
Glenveagh has also recently published its first-ever biodiversity strategy. This is a significant step forward for the company. Glenveagh’s commitment to biodiversity is a strategic business decision as well as demonstrating environmental responsibility. This strategy is a step towards better understanding how Glenveagh as a business has an impact on and depends upon biodiversity and complements our Net Zero Transition Plan. Learn more about our strategy and detailed actions here.
Notes:
Overall Net-Zero Target
Glenveagh Properties PLC commits to reach net-zero greenhouse gas emissions across the value chain by 2050 from a 2021 base year.
Near-Term Targets
Glenveagh commits to reduce absolute scope 1 and 2 GHG emissions 46.2% by 2031 from a 2021 base year*. Glenveagh also commits to reduce scope 3 GHG emissions 55.0% per 100 square meters of completed floor area within the same timeframe*.
*The target boundary includes biogenic land related emissions and removals from bioenergy feedstocks.
Long-Term Targets
Glenveagh commits to reduce absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2021 base year. Glenveagh also commits to reduce scope 3 GHG emissions 97% per 100 square meters of completed floor area within the same timeframe.