Since our inception, we have been on a journey to create shared and sustainable value for our stakeholders and the wider communities in which we operate. Our progress and the evolution of our five capitals Sustainability Framework show our commitment to achieving stronger results for all.
Carbon reduction, biodiversity and health, our three universal challenges, are in the public eye and at the heart of business more than ever before. We are proud of having been at the vanguard of sustainable development for a long time, and we now need to be clear and fully transparent on what we have delivered so far and what we can do better. Sustainable value creation is a constant journey and requires us to continuously review and adapt our approach.
Our progress in 2021
In this second year of implementing our Sustainability Framework and project-wide disclosure, we have made real progress across our five capitals: Physical, Social, Economic, Natural, and Human, against which we have set fifteen key metrics or “action areas”, which we reported on most recently in our 2020/21 Annual Report.
Over the course of the first and second years of reporting, it became apparent that we had managed to reach or exceed some of the targets we had initially set ourselves. We also identified that there are alternative metrics which can capture the essence of our key workstreams more effectively and so began to report to more specific metrics, which have become our 2025 action area targets.
Highlights of the year include the taking up of several significant challenges in our reporting and our forward-looking targets. One of the most exciting challenges is our carbon footprint and emissions reduction targets, with the aim of a 60 per cent reduction by 2025 based on a 2017/18 baseline, part of our Physical capital. We are looking forward to taking the next steps on our commitment, with the aim of moving to capital carbon targets and aligning with the Science Based Targets initiative (SBTi), including to net zero targets for scopes 1–3 emissions. This will demonstrate a big achievement for the business.
Having been ahead of the curve in recognising the vital importance of nature and biodiversity to the work of a Master Developer, we have now set an enhanced biodiversity target of 12 per cent biodiversity net gain by 2025, with our projections showing that we could achieve this as early as 2022/23.
We are looking forward to the next steps in our five-year time horizon, and to sharing our evolving Sustainability Framework with all our communities and key stakeholders as it develops. We continue to work closely with external sustainability consultants who support us with the design of data collection systems and processes to ensure that we comply with best practice reporting guidelines.
We celebrate the fact that our Sustainability Framework was designed to be dynamic, iterative and future-proofed, allowing us to constantly shift towards emerging priorities and to be flexible towards more ambitious and challenging targets. It was conceived as a “live”, progressive methodology that will be adapted as required to respond to shifting trends and expectations.
“We welcome input and reflections from our immediate stakeholders and those further afield.”
Nigel Hugill, Chief Executive