UK real estate group Knight Frank has secured approval from the Science Based Targets initiative (SBTi) for its net zero pathway, which is aligned the Paris Agreement. Knight Frank’s new validated near-term and long-term targets sit within an overarching commitment to reach net zero greenhouse gas (GHG) emissions across its value chain by 2040. In the near-term, the company has committed to reducing absolute Scope 1 and 2 GHG emissions by 42% by 2030 compared to 2022 levels. Within the same timeframe, it will also aim to reduce Scope 3 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 metre. By 2040, it will then look to reduce absolute Scope 1 and 2 emissions by 90%, Scope 3 emissions from use of client assets under property management by 97% per square foot, and Scope 3 emissions from investments under management by 97% per square metre. Knight Frank is working with global partners across its value chain to achieve these targets, it said, and will release a global net zero transition plan this summer. Technology will also play a key role, with the real estate group set to invest in venture capital firm Fifth Wall’s European Real Estate Technology Fund. “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,” said Sarah Beattie, Partner and Head of Corporate ESG Strategy at Knight Frank. “We are delighted to get the stamp of approval from SBTi.”
