TIDMVTY
RNS Number : 6135K
Vistry Group PLC
03 September 2021
3 September 2021
Vistry Group PLC commits to ambitious carbon reduction
targets
-- The Group is excited to announce its commitment to ambitious
carbon emission targets consistent with reductions required to keep
warming to 1.5degC
-- Vistry's first net zero regulated carbon emission homes about to be handed over
-- We are working with the University of Exeter to develop
future climate scenarios to respond to the requirements of the
Taskforce for Climate Related Financial Disclosure
-- Meaningful and measurable sustainability criteria will be
incorporated into executive remuneration from 2022
-- Vistry is making good progress across all areas of the Group's sustainability strategy
Vistry Group's purpose is to deliver sustainable homes and
communities across all sectors of the UK housing market. Key to
this purpose is a successful and ambitious sustainability strategy,
which we launched earlier this year and is focussed on the three
priority areas of (i) Operations; (ii) Homes & Communities; and
(iii) People.
To ensure the successful implementation of the strategy we have
made two new senior appointments this year, being a Group
Sustainability Manager, leading our strategy implementation, and
Group Design and Sustainability Manager, focusing on the technical
improvement of our home designs. Both new appointments bring
significant relevant specialist experience with them and have
operated in either housebuilding or the wider construction sector
previously.
Underpinning our commitment to our sustainability strategy, we
will incorporate meaningful and measurable sustainability metrics
into executive remuneration from 2022.
Operations: carbon reduction targets
Climate change is a key issue within the priority area of
"Operations" and today we are committing to carbon emission targets
consistent with reductions required to keep warming to 1.5degC.
We are in the process of calculating and formalising our precise
targets through approval by Science Based Targets Initiative
(SBTI). Vistry Group will adopt 2021 as its baseline being the
first full operating year (setting aside the abnormal conditions in
2020) since the Group took its current form following the
combination with Linden Homes and Galliford Try Partnerships in
January 2020 . The details of these targets will be confirmed
during 2022. [1]
Homes & Communities: a roadmap to net zero carbon homes
Building standards is a key issue within the "Homes &
Communities" section of our strategy and preparing for implementing
the Future Homes Standard is an important target on the roadmap to
deliver net zero carbon homes. This year we hand over the first of
54 homes achieving net zero regulated carbon emissions at Europa
Way Triangle in Leamington Spa. The homes have improved insulation,
air source heat pumps, solar PV panels and ventilation with heat
recovery technology. A reduction in embodied carbon was achieved by
substituting traditional masonry with timber frame
construction.
Learning from this development has helped us shape our roadmap
to delivering net zero carbon homes. The roadmap has been developed
using the UK Green Building Council (UKGBC) definition for net zero
carbon, and the target dates are as follows:
1. Zero Carbon 'Ready' by 2025: This will be the Future Homes
Standard of 75-80% reduction in carbon emission (from 2013 Part L
baseline)
2. Net Zero Carbon Homes (in-use) by 2030: The designed carbon
emission rate is 'zero' for regulated energy with grid
decarbonisation for unregulated energy
3. Net Zero Carbon Homes (Construction) from 2040: Carbon
emissions associated with building homes are zero, including the
emissions from the building's products and construction
operations
Homes & Communities: assessing climate risk with support
from the University of Exeter
The Group is also conducting a full risk and opportunities
assessment in line with the requirements of the Taskforce for
Climate Related Financial Disclosure (TCFD). Vistry is working with
the University of Exeter, world leaders in climate modelling, to
develop two climate change scenarios on which to base this
assessment.
Homes and Communities: using our Social Value Toolkit and
enhancing biodiversity
We continue to use the "Vistry Social Value Toolkit" to develop
placemaking strategies on our regeneration sites. Environmental
Wellbeing is a key part of the toolkit and we have created a
biodiversity working group focussed on developing an action plan to
ensure we can deliver biodiversity net gain across our
developments.
People: tackling mental health and launching a Diversity and
Inclusion Committee
We have an active charity partnership with Mind and this year we
have trained an additional 30 mental health first aiders, taking
the total up to 115 across the Group. We have launched a Diversity
and Inclusion ("D&I") Committee to lead the development and
delivery of the agenda and to monitor key areas of performance. A
working group has also been established and has led several
initiatives during the year. A key step for the Group has been the
introduction of the D&I module into our Peakon staff survey,
which is providing invaluable insights into the make-up of our
team, and the experience of working at Vistry from diverse
perspectives.
People: over 600 learners have passed through our onsite skills
academies
Our focus on jobs and training extends beyond improving learning
and development for our people and aims to support both young
people not in employment, education or training and the long term
unemployed into employment in the construction sector through our
on-site skills academies. We have created 8 academies to date with
a further 9 planned for 2022 and over 600 learners have completed
and gained full work-ready qualifications.
Vistry Group will be holding a Capital Markets Day event on 9
November 2021, at which progress with our sustainability strategy
will be covered in more detail.
For further information please contact:
Vistry Group PLC 01675 437160
Earl Sibley, Chief Financial Officer 020 7250 1446
Susie Bell, Head of Investor Relations
Powerscourt
Justin Griffiths, Nick Dibden, Victoria
Heslop
[1] Our current calculations set these targets at a 42%
reduction in operational carbon emissions by 2030 against a 2020
baseline (scope 1 and 2) and a 56% reduction in value chain
emissions by 2030 against a 2020 baseline (Scope 3).
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