Broadstone targets 50% cut in scope 1 emissions by 2032

Written by Sophie Smith

19/08/2024

Broadstone has committed to setting several near-term science-based emissions reduction targets, including targeting a 50% reduction in scope 1 carbon emissions by 2032.

In particular, Broadstone is aiming to cut its scope 1 greenhouse gas emissions by 50.4% by 2032, using 2023 as a base year, as well as increase its active annual sourcing of renewable electricity from 63% in 2023, to 100% by 2030.

In addition to this, the group committed to reducing its scope 3 greenhouse gas emissions from fuel and energy-related activities, business travel and employee commuting 58.1% per full time equivalent employee (FTE) by 2032.

The group highlighted the new targets as recognition of the importance of “rapid and deep” emission cuts across its business, offices and employees, acknowledging that whilst the latest climate science shows it is still possible to limit global temperature rises to 1.5°C, deep emission cuts are “crucial” in achieving this.

The group is also thought to be the first of its peers to have its targets approved by the Science Based Targets initiative (SBTi), a global movement for corporate decarbonisation in recognition of the urgency of climate action.

Commenting on the new targets, Broadstone chief executive officer, Tony Gusmao, said: "Delivering sustainable outcomes is core to Broadstone’s mission of empowering people’s prosperity.

“The science-based approval of our carbon emission reduction targets is evidence of our commitment to driving positive change across our business and for our clients.

"We aim to lead our sector in measuring, offsetting and cutting our emissions to reduce our impact on the environment we need to protect.”

Adding to this Broadstone sustainability lead and senior investment consultant, Matthew Downey, said: "The approval of our SBTi targets validates our strategy of tracking, tackling and reducing our impact on the environment.

"It demonstrates that our strategy is in line with global efforts to limit global temperature rises and we look forward to delivering against these objectives.”

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