Estate agent Knight Frank has become the latest company to have its net-zero greenhouse gas targets approved by the Science Based Targets Initiative (SBTi).
The targets set a net zero pathway for Knight Frank that is aligned with the 1.5°C ambition of the Paris Agreement. The estate agency aims to reach net zero greenhouse gas emissions, across the company’s value chain, by 2040.
In the near term, it has committed to reducing absolute scope 1 and 2 GHG emissions by 42% by 2030 from the 2022 base year. This target covers its operational energy use.
Furthermore, Knight Frank has pledged to reduce scope 3 GHG emissions from use of client assets under property management by 51.6% per square foot and from investments under management by 51.6% per square meter within the same timeframe.
The firm has also committed to reducing absolute scope 1 and 2 GHG emissions by 90% by 2040 and to reduce scope 3 GHG emissions from use of client assets under property management by 97% per square foot.
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It is also aiming to reduce scope 3 GHG emissions from investments under management by 97% per square meter under management.
Knight Frank is working with global partners across the entire value chain (scope 1, 2 and 3 emissions) to achieve its emission reduction targets.
Bolstering its green intent, Knight Frank is developing a global net zero transition plan, which it will release later this year, to enable the business and partners to deliver on the targets.
Technology is set to play a key role in the plan, with Knight Frank investing in Fifth Wall’s European Real Estate Technology Fund.
The VC works with European start-ups who are developing valuable solutions to some of the industry’s most pressing challenges, including the decarbonisation of the built world.
Sarah Beattie, partner and head of corporate ESG Strategy at Knight Frank, commented: “Setting key targets for reducing carbon emissions is central to our focus on restoring the natural environment, one of the principal areas for action in our ESG ambition.”
Other firms to have their targets recently approved by the SBTi include New Look and River Island.
