Our SBTi validated target is to significantly reduce our Scope 1 and 2 emissions by 2030.
Our net zero commitment
In July 2021, the Group announced its intention to be a net zero emissions business by 2050 or sooner. This ambition aligns with the need to limit warming to no higher than 1.5oC above pre-industrial levels. In 2024, we reset our targets following the integration with Investec Wealth and Investment UK (IW&I UK), using 2023 as our base year. Having undertaken a full emissions inventory, we continued to use the SBTi methodology to set our operational and investment targets.
Our first near-term targets were validated by Science-Based Targets initiative (SBTi) in 2022.
Greenbank, our sustainable investment business, have set further investment targets.
Reduce Scope 1 and 2 emissions by 42%
In-scope securities to set SBTi related targets
By 2030 55% of in-scope listed holdings by invested value will have set SBTi aligned targets and 100% by 2040.
70% of suppliers to set their own emission targets
Within five years of our target submission we commit that 70% of our suppliers by emissions will have set their own targets.
Monitoring our environmental impact
Investment impact
Climate risks can materially affect the performance and valuation of our clients’ investments.
We have a duty, as stewards and allocators of capital, to understand how climate change may impact the investment we make on behalf of our clients.
Operational impact
We saw emissions increase in 2024, with purchased goods and services (Scope 3: Category 1) remaining the largest emissions source. As spend increased, our emissions also increased. Despite this, emissions grew more slowly than spending due to an increase in low-carbon intensity services, such as management consultancy, software supply support and uncategorised spend, leading to a reduction in emissions intensity per pound spend (kgCO₂e/£).
For more information on our environmental impact please read our 2024 update or Climate Report.
Carbon removal
We are committed to reducing our operational footprint on an annual basis. We recognise the need to compensate for our residual emissions and therefore continue to offset our operational footprint (excluding supply chain) in partnership with Climate Impact Partners. We identify nature-based projects which align their impact with the UN Sustainable Development Goals and are certified by internationally accredited bodies.
As we operationalise our net zero commitments, we are considering our long-term approach to carbon removal. We have already shifted our annual offsetting to nature-based solutions and will work with partners to put projects in place that will allow us to expand our removal capability.
For more information on our approach to carbon removal please read our 2024 update or Climate Report.
More on managing our environmental impact
Climate reports
Learn more about our climate reporting and our progress towards net-zero.