Savills plc, in signing up to the SBTi, is aiming for the highest level of ambition, and is committed to set long term science-based targets to reach net zero value chain (Scope 3) green-house gas (GHG) emissions by 2040, in addition to net zero across its own office network (Scopes 1 and 2) by 2030. Savills has committed to aligning its business with a 1.5oC future and, as part of this, will also be recognised by the Race to Zero and Business Ambition for 1.5oC campaigns.
Savills has been tracking its Scope 1 and 2 GHG data since 2014 and continues to make reductions. In 2021, its global scope 1 & 2 GHG emissions fell further to 6,738 tonnes CO2e, a 6.2% year on year reduction, delivering a 20.4% reduction since the 2018 baseline.
As part of the SBTi goal setting exercise, the international real estate advisor has undertaken an initial partial assessment of its scope 3 GHG emissions footprint, which is referenced in its Annual Report and Accounts. Savills has this year also undertaken its first report under the Task Force on Climate-Related Financial Disclosures ('TCFD') framework. This process has helped to confirm the climate-change risks which will potentially affect the Group.
Savills will also continue to invest in technology solutions and strategic partnerships with, or acquisitions of, firms offering climate-change related services and solutions both to better serve its clients changing demands and to reduce its own carbon footprint.
Mark Ridley, Savills CEO, comments: “Decarbonising the real estate sector is an urgent and pressing need. Committing to the Science-Based Targets has been a longstanding ambition for the business and is a significant milestone which we want to build on. Our in-house sustainability expertise continues to audit the Group's footprint and recommend the strategy for progressing to Net Zero, and this latest commitment is another significant step whilst also only a small part of our overall journey”.
Lizzie Jones, Group Sustainability Director at Savills, adds: “I am extremely proud of the improvements we have made to date in our journey to Net Zero which incentivises us to continue to work hard at this agenda. There is still a long way to go but with an engaged business committed to improving our impact, I have every confidence we can achieve the goals in our ambitious ESG strategy.”