The Leathersellers join the Science Based Targets initiative with approved plans to achieve net-zero carbon emissions

The Leathersellers’ net-zero targets have been validated by the Science Based Targets initiative (SBTi), an organisation providing certification of clearly defined pathways to reduce carbon emissions and limit global warming.

As part of the Leathersellers’ target submission process, a carbon emissions audit covering the last three years found significant reductions have already been achieved with total emissions decreasing by 58% between 2021 and 2023.

The total decrease in emissions was primarily driven by a change in the Foundation’s investment portfolio, which was moved to new fund managers with a specific ESG mandate. As a result, emissions from investment related activity fell by 84% in this period.

The scope of emissions included in the audit were: Scope 1. Direct emissions. Scope 2. Electricity consumption, renewable, and non-renewable energy. Scope 3. Indirect emissions, including operations, property, and investments.

Scope 1 and 2 emissions increased between 2021 and 2023 due to higher occupancy levels of buildings across the St Helen’s Estate; following more people returning to the workplace post Covid-19, and the completion of the redevelopment of 3 St Helen’s Place. However, a key component of the Leathersellers’ plan is to reduce Scope 1 and 2 emissions by 50% by 2030.

Approval of the targets by the SBTi, defined as goals in line to limit global warming to 1.5 degrees above pre-industrial levels, required the Leathersellers to make a commitment to:

1. Measuring carbon emissions each year.
2. Reducing Scope 1 and 2 carbon emissions by 50% by 2030.
3. Monitoring and reducing Scope 3 emissions, though without a near-term target.
4. Achieve net-zero by 2050.

Routes to achieve further reductions of emissions include continued analysis of proposed investments and systems and technology for local energy production and distribution, such as district heating schemes.

The SBTi comprises a group of nearly 7,000 companies, worldwide, who have science-based targets, and a group of around half that number who have committed to achieving net-zero carbon emissions by 2050, including the Leathersellers.

The Leathersellers is the first livery company to have net-zero targets validated by the SBTi.

Nicholas Tusting, Master (Chair) of the Leathersellers said:

“Our commitment to the Science Based Targets initiative speaks to the importance of our roles as stewards. From our membership to our historical and cultural assets there is an expectation that we must pass on a better organisation – an ambition we have endeavoured to achieve from our home in the City of London for 600 years. Our net-zero targets recognise that environmental security is a significant factor in the accomplishment of our long-term objectives and helps us plan, sustainably, for the future.”

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* The Science Based Targets initiative (SBTi) Net-Zero Standard

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CARBON EMISSIONS AUDIT DATA