15 May 2023
We are pleased that our near-term emissions reduction target has now been validated by the Science Based Targets initiative (SBTi).
The SBTi is a global body, forged out of a collaboration between the United Nations Global Compact, CDP, WWF and World Resources Institute. It was established to enable companies to set targets for reducing greenhouse gas emissions, in correlation with up-to-date climate science.
Our Science Based Target, which is recognised worldwide as a gold standard carbon reduction pledge, was approved using a streamlined target validation route exclusive to small and medium-sized enterprises (SMEs).
Mason Navarro Pledge commits to reduce scope 1 and scope 2 greenhouse gas emissions by 46% by 2030 from a 2019 base year, and to measure and reduce its scope 3 emissions.
•Scope 1 emissions are greenhouse gas emissions occurring directly from operations that are owned or controlled by the reporting company. These include onsite electricity generation, gas central heating, refrigerants and company owned vehicles.
•Scope 2 emissions are indirect greenhouse gas emissions from the generation of purchased electricity, such as central heating, lighting and technology.
•Scope 3 emissions are indirect emissions that occur in the supply chain of the reporting company, for example, employee commuting, business travel, employees working from home, water, waste, and purchased goods and services.
This programme has involved attending workshops and clinics to obtain support in calculating our baseline emissions figure, establishing an action plan to achieve our target, and attaining the validated Science Based Target. We decided to use 2019 as our baseline reference year as more recent years would have been affected by the Covid pandemic, when employee commuting, business travel, and electricity usage in the office would have been greatly reduced.
By achieving a Science Based Target to reduce greenhouse gas emissions, we are contributing to help prevent the devastating impact of climate change. This relates to the goal of the Paris Agreement; “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels”.
The SBTi provides companies with temperature alignments based on their Scope 1 and 2 targets. Our temperature alignment has been identified by the SBTi as being in line with a 1.5°C trajectory.
We are grateful to Grosvenor and Heart of the City for their support in enabling us to take meaningful climate action, and we look forward to implementing our actions to achieve our near-term emissions reduction target.
You can read more about Science Based Targets here.