Canary Wharf Group has become the first real estate business to join the Climate Pledge, a commitment founded by Amazon and Global Optimism, to reach net zero by 2040.
Signatories to the Climate Pledge agree to measure and report greenhouse gas emissions on a regular basis; implement decarbonisation strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies; and neutralise any remaining emissions with additional, quantifiable, real, permanent, and socially-beneficial offsets to achieve net zero annual carbon emissions by 2040.
As part of its commitment, CWG has launched its net zero carbon pathway, setting out the steps it needs to take to improve energy efficiency and reduce emissions, to achieve net zero carbon by 2030. This includes replacing the vehicle fleet, engaging tenants and suppliers, and replacing the use of natural gas across the Canary Wharf estate.
“Tackling climate change is an urgent challenge facing all of us, and the property industry has a critical role to play,” said CWG chief executive Shobi Khan. “Canary Wharf is run on 100% renewable electricity and has been since 2012 but there is more to do. We are committed to achieving net-zero carbon by 2030, and we will work with our tenants and suppliers over the next decade to improve energy efficiency and reduce emissions, and support the global transition.
“We are committed to reducing our carbon emissions to net zero by 2030, working hand-in-hand with our tenants and suppliers to make this a reality. Joining the Climate Pledge is recognition of this commitment.”
Martin Gettings, group head of sustainability at Canary Wharf Group, added: “To achieve the ambition of net zero, companies need to move from ambition to action, which is why I am proud we have today published our net zero carbon pathway. We are committed to working with tenants and suppliers to deliver net zero emissions across Canary Wharf by 2030.”
Among measures set out in CWG’s pathway is a pledge to reduce energy intensity across its estate, support its tenants to switch to renewable energy sources (and eventually to eliminate gas from its estate), and to increase the provision of on-site renewable energy across Canary Wharf.
Sarah Ratcliffe, chief executive of the Better Buildings Partnership, said: “Canary Wharf Group has set an ambitious target to achieve net zero carbon status for the entire CWG reporting scope and the pathway clearly demonstrates the critical importance of engaging with both occupiers and the supply chain to deliver on this. We look forward to seeing how CWG matches this leadership with the collaboration and innovation required over the coming years.”
Earlier this year CWG committed to science-based targets and pledged to reduce its emissions by 65% by 2030 and ensure that 60% of its suppliers have science-based targets in place by 2025.
“We see this as an opportunity to differentiate,” said Gettings. “One thing we have learnt from the pandemic is that we all need to expect more from our built environment and what better way to do that than with transparency around ESG, SDG (sustainable development goals), etc.”
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