Climate change presents challenging risks and uncertainties for business and society, but also provides opportunities to be innovative in both mitigating our emissions and adapting to its impact.
Our Climate Change Policy commits us to minimising our impact on the climate, future proofing our homes and developments to future changes in climate and helping our customers to reduce their carbon footprint.
In 2022 we developed new science-based that have been approved by the Science Based Targets initiative (SBTi). The SBTi validation confirms that our targets are based on the latest climate science, supporting the ambition to limit global temperature rise to 1.5C in line with the Paris Agreement. Our long-term ambition to reach net-zero GHG emissions across our value chain by 2045 is supported by a series of commitments across scope 1, 2 and 3 emissions.
Net-zero target
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Reach net-zero GHG emissions across the value chain by 2045 from a 2019 base year.
Near term targets
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Reduce absolute scope 1 and 2 GHG emissions 60% by 2030 from a 2019 base year*
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Reduce scope 3 GHG emissions 55% per square meter completed floor area by 2030 from a 2019 base year.
Long term targets
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Reduce absolute scope 1 and 2 GHG emissions 90% by 2045 from a 2019 base year*
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Reduce scope 3 GHG emissions 97% per square meter completed floor area by 2045 from a 2019 base year.
To reduce energy and GHG emissions, we continue to:
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Increase our procurement of renewable electricity. All our homes are on a renewable electricity tariff
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Increase collaboration with our supply chain to research alternative technologies and fuels to reduce GHG emissions. Hydrotreated vegetable oil (HVO), a lower-emission replacement for white diesel, accounted for 49% of our site diesel in FY22, an increase from 17% in FY21
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Engage with our supply to identify opportunities to reduce the embodied carbon associated with the materials used in our homes and developments
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Research solutions to achieve the Future Homes Standard (FHS), which will significantly reduce GHG emissions associated with the ‘in-use’ phase of the home
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Use reporting tools to identify energy and fuel reduction opportunities and monitor progress against our targets.
We also committed to procuring 100% renewable electricity by 2025. For further detail on our performance against targets and other key metrics, please see our Annual Integrated Report and our Environmental, Social and Governance (ESG) data handbook.