GPE has increased the increased its internal carbon price by almost 60% as it seeks to work harder to meet its sustainability responsibilities.
In an update to its net zero roadmap, the group has increased the cost it puts on carbon from £95 per tonne to £150 per tonne.
The increase is one of a number of changes in its roadmap. First launched in 2020, the roadmap set out a target to reduce its carbon emissions across its portfolio by 50% by 2030. The new plan sets a target of a 42% reduction in carbon emissions, based on the REIT’s 2023 baseline, and covers 100% of its footprint, rather than 60% in the first iteration of the roadmap.
Janine Cole, sustainability and social impact director at GPE, said: “In updating our roadmap to net zero, we have increased the ambition and scope of our net zero targets. We now know that if we are to reduce our emissions in line with climate science, we must reach nearly zero before offsetting the balance.
“Our updated roadmap now covers 100% of our carbon footprint and an absolute Scope 1, 2 and 3 emissions reduction target of 90% before becoming a net zero carbon business by 2040.”
The new roadmap also commits GPE to removing gas fired boilers entirely from its buildings by 2030 to ensure all energy consumed is fossil fuel free, reducing its embodied carbon by 52% and energy intensity by 47% by 2030 – both up from a previous target of 40% – and setting customer and supply chain engagement targets to enable faster scope 3 emission reductions.
The REIT has removed a target to generate 600MWh of renewable energy across its portfolio, however, finding that that level of retrofit, structural intervention needed and lack of available roof space has made the ambition “impractical”.
“We do not underestimate the challenge ahead,” said Cole, “and we will need to be innovative, working in partnership with our entire value chain, embracing technology as it evolves, while further integrating the principles of the circular economy as we create the workspaces of tomorrow.”
GPE has already reduced its energy intensity by 36% and embodied carbon by 44% from a 2016 baseline – the new targets will be from a 2020 baseline.
Click here to read GPE’s roadmap to net zero in full.
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