Our evolving journey to net zero: embracing Science Based Targets (SBTs)

This year marks a significant milestone in our journey to becoming a more sustainable business. While our original commitment – to reach net zero by 2030 – provided an essential catalyst for action, we have continued to strengthen our understanding of our emissions profile and the pathways available to us. Through this work, it has become increasingly clear that adopting Science Based Targets (SBTs) will ensure our transition remains both ambitious and credible, aligning our efforts with the level of decarbonisation required to keep global temperature rise within 1.5°C.

Formal submission of our targets to the Science Based Targets initiative (SBTi) was a major step forwards, reinforcing our commitment to transparent, evidence‑based climate action. Importantly, our transition to SBTs preserves the relevance of 2030 by setting near‑term reduction goals for Scopes 1, 2 and 3 – targets that continue to challenge us while reflecting the realities of addressing emissions across our value chain. Our proposed near‑term commitments include a 50% reduction in Scopes 1 and 2 and a 30% reduction in Scope 3 by financial year (FY) 2030/31, alongside a long‑term net zero target for FY 2044/45.

Throughout FY 2025/26, we also took major steps to strengthen the accuracy and integrity of our environmental reporting. We fully onboarded and embedded our new carbon accounting platform, delivered by Normative, enabling us to capture, interrogate and report emissions data back to FY 2019/20 in line with both SBTi requirements and the Greenhouse Gas Protocol. This investment reflects our belief that high‑quality, real‑time data is essential to meaningful climate action. By linking emissions insights directly to our operations and key projects, we are now far better positioned to engage suppliers, prioritise reductions where they matter most, and drive progress on Scope 3 emissions that account for more than 90% of our footprint.

Alongside data improvements, we have continued to take practical steps to reduce emissions across the business. This includes deepening our work with suppliers through a targeted data‑enrichment exercise, rolling out a carbon tariff on business class flights, and collaborating with landlords in our office locations.

As we prepare to launch our new climate targets, we see this as an opportunity to energise colleagues, build collective ownership and accelerate the change needed to reach a low‑carbon future. Our ambition remains high, our commitment unwavering, and our pathway clearer than ever.