Committed to Net Zero

Ambitious net zero target

We have set an ambitious target to reach net zero in our operations by 2035 and across our value chain by 2045 – ahead of the UK’s target.

By 2045 we will reach net zero greenhouse gas (GHG) emissions (Scopes 1, 2 and 3) across our value chain on a 2019 base year (comprising at least a 90% reduction and neutralising residual emissions).

We also have the following supporting targets:

• By 2025 Scopes 1 and 2 GHG emissions will be reduced by 36% per 100m2 of completed floor area against a 2019 base year
• By 2035 Scopes 1 and 2 GHG emissions will be net zero
• By 2030 all our homes will be zero carbon ready (becoming true net zero on decarbonisation of the electricity grid)
• By 2030 Scope 3 GHG emissions will be reduced by 52.8% per 100m2 of completed floor area from a 2019 base year (based on a reduction of 46.2% in absolute emissions)

Our target was developed with the Carbon Trust in line with the requirements of the SBTi Corporate Net Zero Standard. We have submitted our target for validation by the SBTi and expect to receive this during 2023. In developing our target we have also taken into account the ‘Metrics, Targets, and Transition Plans’ guidance issued by TCFD. We have modelled the costs and investment required to reach our goals as well as our approach to neutralising residual emissions.

Neutralising residual emissions

Once we have reduced our emissions by at least 90% we will neutralise the remaining emissions through the removal and storage of carbon from the atmosphere, in line with the Science Based Targets initiative requirements.

We have set out three principles to guide our approach to neutralising emissions.

Principle 1: Emissions reduction first

We will implement emissions reductions first, and offset only where we have not identified a practical and reasonable alternative for the last 10% of emissions.

Principle 2: Credible, high-quality carbon removal offsets

• Credible (use a robust baseline and measurement methodology) and use a recognised best practice standard.
• High quality (taking into account factors such as additionality, permanence, leakage, double counting and co-benefits).

We will use standards such as the Verified Carbon Standard (VCS), Gold Standard Verified Emissions Reduction (GS VER), Voluntary Offset Standard (VOS) and Climate Community and Biodiversity Standards (CCB). 

Principle 3: Improving our understanding

We will deepen our knowledge of best practice in carbon removal offsetting, including:

• Conducting regular reviews of the offsetting market.
• Carrying out research and development, including pilot projects, to identify solutions that work best for our business.
  
  

We support the Oxford Principles for Net Zero Aligned Carbon Offsetting and align our approach to these principles.