Kennedys achieves SBTi validation for ambitious net zero target

We have reached a significant milestone with the official validation of our ambitious net zero target by the Science Based Targets initiative (SBTi). With this validation, Kennedys is committed to reducing our global Scope 1, 2 and 3 greenhouse gas (GHG) emissions by 90% by FY2040, from a FY2020 base year. The remaining 10% of emissions, also known as residual emissions, will be offset through carbon removal projects.

This achievement validates our commitment to a sustainable future, in line with a 1.5°C warming pathway. The SBTi’s Corporate Net Zero-Standard is the global framework for corporate net zero target setting consistent with climate science. This accomplishment is notable, given less than half of companies that have committed to setting net zero targets through the SBTi have had their targets validated. Additionally, just 20% of companies with a near-term SBTi approved science based target have gone on to have their net zero target validated.

This commitment follows our near-term emissions reduction commitment, which were validated by the SBTi in 2022. Kennedys is committed to reducing Scope 1 and 2 emissions by 70% and Scope 3 emissions by 28% by FY2030 from a FY2020 baseline year. Between FY2020 and FY2024, we have achieved a 26% reduction in combined Scope 1 and 2 emissions (market-based), driven by over a third of offices globally procuring renewable energy.  

To achieve our near-term and net zero targets, we have outlined several key initiatives:

• Procuring electricity by renewable means across all our global offices by 2030;
• Revising the firm’s business travel policy to align with sustainability goals;
• Engaging with suppliers to understand their environmental ambitions, and to encourage suppliers to set their own emission reduction targets;
• Educating employees through initiatives including an annual Climate Action campaign, online e-learning and a workshop for senior leaders.

This will be a global effort requiring a significant shift in operations, with this net zero target applying to all of our 48 global offices. Progress will be measured annually, with updates provided in our Responsible Business Report.

We have now published our 2023-24 Responsible Business Report, detailing both environmental and social achievements, and providing a roadmap that transforms the firm towards a sustainable future. The report outlines Kennedys' integration of responsible business practices into its governance, operations and decision-making.

In addition to SBTi net zero validation, highlights include:

• Progress towards gender parity with 36% female partnership achieved, and being on track for 40% female partnership globally by 2030;
• We have also committed to pay all global employees the living wage by 2026. As of April 2024, over 95% of employees earn a living wage.

Additional achievements featured in the report include earning a Bronze EcoVadis sustainability rating, increasing our overall score by 14% compared to the previous year. We also launched our ‘Thrive Together’ programme, supporting charities, community groups and social enterprises worldwide.

Commenting on their SBTi validation and report launch, Kate Hursthouse, Head of Responsible Business at Kennedys said: “Choosing a net zero target year of FY2040 was ambitious, but we knew it was achievable. This is a significant milestone for the firm and has been more than two years in the making.

“As a firm, we wholeheartedly recognise that we have a responsibility to play our part in limiting climate change, and we are committed to taking meaningful action. The launch of our Responsible Business Report further reinforces our focus on integrating sustainable and responsible practices into the heart of how we do business”. 

Learn more about Responsible Business at Kennedys here.