Furthermore, our parent company CBRE has set a Science-Based Target (SBT) approved by the SBT-initiative (SBTi), to reduce greenhouse gas emissions (GHG) by 68 per cent by 2035 – more detail can be seen here. As a subsidiary, we cannot gain individual SBTi approval as our impacts are included in the consolidated Group inventory. However, we have still used its framework to align our emissions to climate science and accordingly, we are committed to an absolute reduction of our Scope 1, 2 and 3 emissions by 12.5 per cent over five years. This aligns well with the FHS trajectory and is a progressive interim milestone towards 2030. We are publishing our inaugural Task Force on Climate-Related Financial Disclosures Recommendations (TCFD) statement – see an executive summary of the full report. We have undertaken an initial scenario analysis to identify physical and transitional risk and opportunities to operate below 2°C or 1.5°C pathways, as set out in the Paris Agreement 2015. Given this is an emerging area for business and the sector, good practice is still being defined. Accordingly, more detailed disclosures will be published in future reports. Delivering on our strategy BALANCED RESOURCEScontinued In addition, we have completed a draft internal CDP (formerly known as Carbon Disclosure Project) review, which indicates an anticipated C-rating. Whilst we are not a listed company, we believe a formal CDP application in 2021 will provide greater transparency and credibility of our performance to investors and stakeholders. In summary, each of these approaches and our review of indices – such as the Global Compact, DJSI, FTSE4Good, GRI, GRESB, MSCI, SASB and the United Nations Sustainable Development Goals (SDGs) and project assessments such as BREEAM – informs our BLL strategy by including climate-related risk mitigation across our governance, strategy, risk management and targets. Over the last four reporting periods, we have seen improvements in our intensity target metrics, including for CO2, energy, waste and water and compared with regulations and industry benchmarks. We achieved 93 per cent of the objectives that we set in 2020 to: reduce energy, GHG emissions (through embodied CO2 and Whole Life Cost (WLC) assessments) and waste (circular economy statements); increase procurement of sustainable materials certified to BES6001 and the Forest Stewardship Council; and align our procurement policies with BLL objectives. This performance update can be seen here.