1st November 2021
- Redrow has signed up to the Science Based Targets initiative (SBTi)’s highest business ambition of pursuing efforts to limit global warming to 1.5°C
- Will set interim, science-based targets across scopes 1, 2, and 3 in 2022
- Redrow has joined the UNFCCC Race to Zero, becoming one of 3,067[i] companies globally committing to setting more ambitious climate targets
- Leading global climate change consultancy the Carbon Trust appointed to help Redrow model its targets and develop its approach to meeting this strategy
As part of its climate change strategy Redrow has announced an ambitious commitment to achieving science-based net-zero emissions by no later than 2050 across its own operations, the homes it builds, and the operations within its supply chain. The business has signed up to the Science Based Targets initiative (SBTi)’s highest Business Ambition of pursuing efforts to limit warming to 1.5⁰C, and will establish interim science-based targets across scopes 1, 2 and 3 in line with SBTi criteria and recommendations in 2022[ii].
The SBTi is a collaboration between the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It defines and promotes best practice in setting science-based targets.
The business has made solid progress in reducing its carbon footprint in recent years. More efficient use of diesel fuel on-site resulted in a 14% reduction[iii] in emissions in the past year and from July 2021, all plots, show homes and site compounds have been supplied by 100% Green certificated electricity[iv]. On top of that, together with its supply partners, the business has trials underway to explore the efficacy of Hydrotreated Vegetable Oil (HVO), a biodegradable non-toxic fuel that has the potential to replace diesel across all of their construction operations.
Redrow sees committing to limiting warming to 1.5⁰C as a vital next step in tackling the climate crisis. While the goal set at the Paris Agreement was to limit global warming to well below 2⁰C, there is now a consensus that businesses and society need to go much further, and Redrow has committed to a 1.5⁰C target in line with that evidence. Indeed, earlier this year, the Climate Change Committee warned that time is running out for realistic climate commitments. The housing sector has a vital role to play in tackling climate change with buildings accountable for 39% of global carbon emissions.
In order to meet these rigorous commitments, Redrow has appointed the Carbon Trust to measure the baseline of its Scope 3 emissions, model its Science Based Targets and advise on potential solutions and changes to business practices. The Carbon Trust is an organisation that has pioneered decarbonisation for more than 20 years for businesses, governments and organisations around the world. With their support, Redrow sees a real opportunity to demonstrate that good environmental performance can bring a competitive advantage and create long term sustainable value for the business and its stakeholders.
The business has also joined the Race To Zero, a global campaign to rally leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth. It mobilises a coalition of leading net zero initiatives, representing 733 cities, 31 regions, 3,067 businesses, 173 of the biggest investors, and 622 Higher Education Institutions.
Matthew Pratt, Group Chief Executive at Redrow, comments:
"Playing our part in tackling the climate emergency is a key priority and Redrow will set ambitious science-based targets to reduce carbon emissions across our whole business. We will set a long-term target to reach net zero emissions no later than 2050 and importantly we will also be setting interim targets for both our direct and indirect emissions, and these will be consistent with limiting global warming to 1.5°C. No one has all the answers today, but it’s vital that we all do everything we can, and making ambitious, far-reaching commitments and holding ourselves to account is an essential part of that. We look forward to collaborating with our partners and supply chain to deliver these goals.”
Dominic Burbridge, Director at Carbon Trust comments:
"We are pleased to be supporting Redrow as they strengthen their commitment to carbon reduction and plan the next phase of their climate change strategy. It is encouraging to see them making such a bold pledge and building on the progress they’ve made in recent years “
Redrow is working with supply chain partners to develop solutions to ensure its homes will be ready for the Future Homes Standard in 2025. Its product innovation program includes a number of low-carbon technology trials including air source heat pumps and a smart home and energy management system, and the development of new working practices to establish which solutions will make a tangible impact as the business progresses towards its Net Zero targets.
At the core of its research is the desire to ensure its homes continue be of a high quality and meet the desires and needs of its customers, both now and in the future as the global climate continues to change. This approach is a stepping stone in the transition to becoming a net zero carbon business.
Redrow also understands that this is about more than just carbon. Cutting across all parts of the climate challenge is the desire to deliver beautifully landscaped bio-diverse communities that are resilient in the face of the changing climate and which support both people's wellbeing and nature's recovery.
Last year Redrow’s Caddington Woods development created eight hectares of new natural spaces, where the business is delivering a 63% net gain in biodiversity. And this October, Redrow was recognised at the Global Good Awards 2021 for the great work of its ‘Reduce the Rubble’ campaign, which aims to reduce waste across its sites.
[i] As of 20 September
[ii] The business’ targets will be independently assessed and validated by the SBTi providing independent assurance and scrutiny.
[iii] *The inventory of our greenhouse gas emissions, including the emissions from diesel use, has been verified by SGS to a limited level of assurance in accordance with EN ISO 14064-3:2006, as meeting the requirements of The Greenhouse Gas Protocol – A Corporate Accounting and Reporting Standard.
[iv] This is backed by the Renewable Energy Guarantees of Origin (REGO) certificates