We have now received independent validation on our science-based targets (SBTs) from the Science Based Target initiative (SBTi), having previously committed to set and publish them in 2023.
The associated granular targets, for the period up to 2030, sit alongside our climate commitments that are set out in our 2022 Climate Report. These are across our operations and investment portfolio emissions, and are aligned with 1.5°C ‘Paris’ pathways. For our investment portfolio, SBTi guidance requires targets to be set at asset class or sector level, which underpin our existing portfolio level targets.
Our suite of SBTs is summarised in the table below.
Emissions scope |
Target |
Operational scope 1 and 2 |
We commit to reduce absolute scope 1 and 2 GHG emissions by 42% by 2030 from a 2021 base year1. |
Scope 3 investment – group proprietary assets |
We commit to align the (SBTi-defined) portfolio temperature rating score for our listed equity, corporate bonds and corporate loans portfolio, within our shareholder owned investments, as follows: • From 2.4°c at end 2021 to 2.1°C by end 2026, covering portfolio company scopes 1 & 2 • From 2.9°c at end 2021 to 2.5°C by end 2026, covering portfolio company scopes 1, 2 & 3. |
We commit to maintain the emissions intensity of our electricity generation project finance portfolio, within our shareholder owned investments, at or below 60 gCO2e/kWh from 2021 through 2030 and only finance 1.5°C aligned electricity generation projects. |
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We commit to reduce our real estate investment portfolio GHG emissions, within our shareholder owned investments, by 58% per square metre by 2030 from a 2019 base year |
For context:
As part of the process, we have set a further “SBT-aligned” target, which is expected to be further considered as we look to engage on the developing “net-zero standard for financial institutions”, for longer-term Paris 1.5°c alignment.
Emissions scope |
Target |
Scope 3 Category 13 – downstream leased assets |
We commit to reduce our downstream leased asset GHG emissions by 55% per square metre by 2030 from a 2019 base year. |