Legendary United Kingdom real estate developer Grosvenor is taking a “reductions-first” approach to slashing its portfolio’s emissions toward net-zero—and reserving carbon credits as a last-ditch option.
Its North America plan, which will affect projects in British Columbia, aims to achieve a 42% emissions reduction from a 2021 baseline by 2030, and 90% reduction by 2050, the company says [pdf] in a new report.
“We are focusing our investments primarily on reduction-related improvements before focusing on renewable energy generation and procurement, and then investing in carbon credits,” writes Grosvenor. “Carbon credits purchases may eventually play a role in getting us to net zero; however, our approach is to prioritize improving the overall performance of our assets first.”
The business case for this approach is clear, the company adds. “We will benefit from returns that come from capital investments in sustainability upgrades which will provide lower near-term utility expenses and will help us stay ahead of costs associated with carbon-related legislation.”
To achieve its 2030 target, Grosvenor will need to reach net-zero for Scope 1 and 2 emissions, while cutting Scope 3 (embodied) emissions by 40%, writes Sustainable Biz Canada.
Its newly-published North American net-zero pathway will help achieve those targets, the company said in a release. Planned actions include deploying renewable, clean energy solutions to its buildings, using more green building materials and innovative technologies during construction, installing ultra-energy-efficient lighting, windows, and heating systems, and developing programs to encourage tenants and suppliers to reduce emissions.
The company’s supply chain will be its biggest decarbonization challenge, said Tanja Milosevic, Grosvenor’s associate vice-president of sustainability in North America.
“We’re starting to work with our suppliers,” Milosevic said. “We’re working through what that means; what that looks like, what’s the best way to work with our suppliers, maintaining good relationships but really encouraging our suppliers, if they don’t have a target and aren’t working towards them, how can we get them to do that?”
Grosvenor is also on the lookout for on- and offsite renewable energy generation, “such as installing solar arrays in its California properties or participating in utility green energy programs,” writes Sustainable Biz.
“But as B.C. produces much of its energy from renewable energy already, building electrification is the priority.” Opting out of natural gas equipment, Grosvenor is installing heat pumps and electric appliances in its properties. The eight-acre Brentwood Block project in Burnaby “targets electrification for heating, cooling, and appliances in its suites, complemented with 100% electric vehicle capacity.”
The “pedestrian-focused” project will provide roughly 3,500 new homes, 2,450 of which will be rentals and 450 of them below-market.
“This will be one of the first projects of this scale to be entirely pedestrian, with all cars accessing the underground from the site’s periphery,” Grosvenor says. “The master plan also incorporates an abundance of green and public space, with over half of the site designated as courtyards and plazas for both residents and the general public, including landscaped trails for pedestrians and routes for cyclists.”
That green space will replace what is currently on the site: an asphalted surface parking lot.
Grosvenor is also aiming for LEED Gold certification for Mayfair West, a new 1.5-million-square-foot, mixed-use community that it plans to build in Vancouver.
