To ensure FRE UK’s decarbonisation target is aligned across the business, the "pathway" covers scope 1, 2 and 3 emissions, including embodied carbon, and sets targets for each fund, as well as corporate emissions.

FRE UK began work on the subject in early 2021. It worked with advisor Planet Mark to start measuring and reporting corporate emissions. Later in 2021, the business appointed a NZC partner for its Long Income Fund, and in early 2022 announced the fund’s NZC target of 2035.

FRE said it has a small carbon footprint. It has offset this footprint by contributing to ‘nature-based solutions’, one being a local seaweed farming project in Cornwall.

Jessica Pilz, global head of ESG at FRE UK commented, ‘Our NZC pathway makes a clear commitment to achieving net zero by 2035 and our objective is to deliver on this, despite the headwinds we are facing in the market.’

Charles Allen, Head of UK Real Estate at FRE UK, added: ‘The journey to NZC is about identifying and delivering on ambitious but realistic and economically viable goals. In setting our target for 2035 we are building on a strong and established base and are proud to be 15 years ahead of the Paris Agreement and UK Government targets.’