Ghelamco Group sets the standard with a validated SBTi climate strategy

From climate ambition to a scientifically-backed reduction plan

As a leading European property developer, Ghelamco Group aims not only to develop aesthetically inspiring and efficient buildings, but also to lead the way in sustainability. The company therefore set itself the ambition of underpinning its climate targets with scientific evidence and joining the Science Based Targets initiative (SBTi).

That ambition also entailed a certain degree of complexity. In order to draw up a climate strategy at group level, it first had to be established where the main emissions were located, what reductions were possible and how these could be translated into concrete, achievable actions.

The emissions inventory for the reference year 2021 served as the starting point. At that time, Ghelamco Group recorded approximately 650 tonnes of CO₂ equivalent in Scope 1 and 2 emissions. At the same time, the need for a structural climate strategy continues to grow. Customers, employees and other stakeholders are setting the bar ever higher, whilst regulations and costs associated with CO₂ emissions continue to evolve.

Ghelamco therefore sought a partner capable of linking strategic ambitions to concrete reduction measures. Encon was entrusted with this task.

From CO₂ inventory to a validated SBTi target

Encon guided Ghelamco Group through the entire process towards a science-based climate strategy. The approach was based on four pillars:

1. A comprehensive emissions inventory covering Scopes 1, 2 and 3
2. A concrete Carbon Reduction Plan
3. Setting targets and providing guidance throughout the SBTi process
4. A communication plan to clearly convey the strategy and progress to stakeholders

This integrated approach made it possible not only to set targets, but also to determine which measures are needed to actually achieve those targets.

It is important to note that the climate targets were set at the level of the Ghelamco Group. They are then translated into concrete actions across the various business units and countries and monitored annually.

Belgium to achieve SBTi reduction target as early as 2024

Under the Science Based Targets initiative, the Ghelamco Group is committed to a reduction of at least 42 per cent in Scope 1 and 2 emissions by 2030, compared with the baseline year of 2021. This trajectory is therefore in line with the reductions needed to limit global temperature rise to 1.5°C.

However, Ghelamco is setting the bar even higher for itself. At group level, the company aims to reduce its Scope 1 and 2 emissions by at least 60 per cent by 2030.

Meanwhile, the most recent audit shows that the strategy is already yielding clear results. Ghelamco’s Belgian operations had already achieved the SBTi reduction target set at group level for 2030 by 2024. Belgium is therefore well ahead of the planned reduction trajectory.

This result does not mean that the transition is complete. Annual monitoring remains important to track reductions achieved and identify further improvements.

Further reductions towards 2030

Ghelamco will continue to focus on additional measures in the coming years. In Belgium, the further electrification of the vehicle fleet plays a key role, as mobility accounts for a significant proportion of operational emissions.

Further steps are also being taken within the Polish operations. For example, the plan is to relocate the offices to a fossil-free building powered entirely by renewable electricity.

In addition, Ghelamco continues to map out its Scope 3 emissions and seek opportunities to structurally reduce the indirect climate impact of its property developments.

With this approach, the climate strategy is evolving from a long-term ambition into a measurable transition pathway: featuring science-based targets at group level, concrete measures for each activity and annual monitoring of progress made.

In this way, Ghelamco is not only building more sustainable buildings, but also developing a more future-proof business model in which climate ambition, innovation and measurable results go hand in hand.