Befimmo obtains validation of its Science-Based Targets (SBT)
Following the comprehensive review of its carbon footprint1 and the integration of all of its subsidiaries in accordance with the GHG Protocol, Befimmo is obtaining validation of its Science Based Targets (SBT). Via these targets, the company undertakes to reduce absolute CO2e emissions related to scopes 1 and 2 by 50% by 2030, compared to the base year 2018. Befimmo is thus joining several Belgian companies in obtaining validation of its targets by the SBTi.
The Paris Agreement and the IPCC’s recent 6th assessment report highlighted the necessity of limiting global warming to well below 2, preferably 1.5 degrees Celsius, compared to pre-industrial levels. The operation and construction of buildings represent nearly 40% (28% and 11%) of the global CO2e emissions linked to energy. It is therefore essential for Befimmo and the entire real-estate sector to help mitigate climate change by setting strong and ambitious targets.
A RECOGNISED METHODOLOGY
The Science Based Targets initiative (SBTi), established by a number of non-governmental organisations, is designed to encourage companies to adopt low-carbon trajectories, called Science Based Targets. The SBTi is based on scientific methodologies and promotes the use of SBTs by companies.
The emissions generated by a company are classified in 3 categories or “scopes” which are clearly defined in the GHG Protocol standard:
- • Scope 1: direct emissions from owned or controlled sources (e.g. consumption of fossil fuels for heating buildings controlled by Befimmo).
- • Scope 2: indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the organisation.
- • Scope 3: all other indirect emissions that occur in a company’s value chain (in Befimmo´s case, these include e.g. emissions linked to worksites, as well as to construction and renovation projects).
Scopes 1 & 2
Following the SBTi’s recommendations, Befimmo adopted the goal of reducing its absolute emissions of CO2e linked to scopes 1 and 2 by 50% by 2030, compared to the reference year 2018.
From the perspective of the Science Based Targets, Befimmo is viewed as a small company (fewer than 500 staff members) and thus is not obliged to set targets for the reduction of CO2e emissions to be achieved for scope 3. However, given that a very large share of Befimmo´s total emissions do fall within scope 3, the company has undertaken to implement an absolute reduction of 2.5% per year until 2030 on 2/3rds of its scope 3 emissions (compared to the reference year 2018), in conformity with the recommendations of the SBTi for the 1.5°C scenario.
Befimmo is aware that its emissions largely relate to the (re)development projects it initiates. It therefore systematically conducts life cycle analyses on all of its projects and uses their results to reduce as far as possible the carbon impact on the entire life cycle of the buildings it puts on the market.
The validation of Befimmo´s SBTs by the SBTi constitutes a powerful new recognition of the day-to-day commitment and work of all of our teams. It represents an additional step towards the ultimate goal of contributing to net zero carbon in 2050, and strengthens us in our ambition to create flexible, high-performance buildings centred on their users. - Jean-Philip Vroninks, CEO of Befimmo.
The recognition of its Science Based Targets by the SBTi fits within Befimmo´s overall ESG strategy, which includes many other initiatives as well. For more information on these, please consult the ESG report.