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Property giant sets sights on more than halving its value chain emissions by 2030 in line with 1.5C global warming pathway
Knight Frank LLP has secured approval for its emissions-reduction goals from the Science-Based Targets initiative (SBTi), with the property consulting giant training its sights on achieving net zero across its operations and wider value chain by 2040.
The firm announced this morning that its climate goals have been independently assessed and validated by standards-setting non-profit the SBTi, in line with the Paris Agreement goal to limit average temperature rise to 1.5C by the end of the century.
The targets include a 2030 goal to slash Knight Frank's Scope 1 and 2 emissions by 42 per cent against 2022 levels, rising to a 90 per cent reduction by 2040.
It has also committed to reducing its Scope 3 value chain emissions from both its managed property investments and the use of its client assets under property management by 51.6 per cent per square foot by 2030.
It is then aiming to reduce these Scope 3 emissions by 97 per cent by 2040, in line with its net zero target for the same date.
Under the SBTi's Net Zero Standard, companies securing validation for their climate goals must commit to reducing their emissions by at least 90 and 95 per cent across their business and value chain before they can utilise carbon credits to offset the residual five to 10 per cent - although tense discussions are currently taking place at the non-profit that could potentially see these stipulations loosened slightly to allow for the wider use of carbon credits to help meet Scope 3 targets.
Knight Frank said it is now working with its partners to develop a global net zero transition plan setting out details of how it intends to deliver the targets, which is earmarked for publication this summer.
The company - which employs more than 20,000 people across almost 500 offices in over 50 countries worldwide - said technology would play a key role in delivering its net zero ambitions.
Knight Frank said it was planning to invest in venture capital firm Fifth Wall's European Real Estate Technology Fund, which works with European start-ups developing decarbonisation solutions for the built environment.
"Setting key targets for reducing carbon emissions is central to our focus on restoring the natural environment, one of the principal areas for action in our ESG ambition," said Sarah Beattie, partner and head of corporate ESG strategy at Knight Frank.
"We describe this as 'building a sustainable future together', because reaching net zero, like all areas of our ambition, is a collective effort. Through our position on the front line of commercial relationships, we can make a real difference for our industry as a whole. So, we're delighted to get the stamp of approval from SBTi."
You can now sign up to attend the fifth annual Net Zero Festival, which will be hosted by BusinessGreen on October 22-23 at the Business Design Centre in London.
