Savills Investment Management
Savills Investment Management is affiliated with Savills Group, a leading real estate services firm. Savills IM joined the Net Zero Asset Managers Initiative in November 2021 and made its Initial Target Disclosure in November 2022.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
93% of total AUM (USD $23.4 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Total like-for-like carbon emissions intensity was 0.16tCO2/m2
Total absolute emissions were 368,504 tCO2e
Target(s):
Savills IM has 2 interim carbon reduction targets, in advance of its net zero by 2040 target:
25% reduction in AuM emissions intensity by 2025
50% reduction in AuM emissions intensity by 2030 (being Savills IM’s fair share of reductions in GHG emissions reduction by 2030)
Additional relevant targets are encouraged using the BBP’s framework, therefore as part of this methodology, Savills IM have further targets such as:
75% reduction in waste by 2040
10 GWh of renewable energy generated per year by 2040
100% of AuM using renewable energy
GHG scopes included:
• Scope 1 emissions were derived from actual and extrapolated data relating to natural gas combustion where this is procured by the landlord.
• Scope 2 emissions were derived from actual and extrapolated data relating to electricity and district heating/cooling where this is procured by the landlord.
• Scope 3 emissions were derived from actual, extrapolated and benchmark data relating to natural gas, electricity and district heating / cooling from tenant areas (where the landlord has no responsibility for energy procurement).
Methodology:
Own/other methodology
Scenario(s):
Per the IPCC report suggestion to limit warming and related significant negative consequences, Savills IM have committed to 50% emissions reduction by 2030 and subsequent net zero carbon by 2040, aligned to scenario that limits warming to 1.5 degrees.
Additional information
Policy on coal and other fossil fuel investments:
Savills IM invests only in real estate, and so would never be in the position of investing directly in fossil fuel companies. The nature of the business is such that we may let to these companies, however we will seek to limit direct exposure to the fossil fuel industry and will limit engagement with companies we believe contribute directly to the climate and biodiversity crisis and which are not taking positive measures to address this impact in a timely manner. More specifically, companies deriving more than 10% of their turnover from extraction and processing of coal are excluded. The company monitors all new investments in property that stores fossil fuels, namely petrol stations. We are starting to assess exposure to existing property which stores fossil fuels under the requirement to disclose for the Sustainable Financial Disclosure Regulation.