Cadent named as a 2023 Sector Leader by GRESB for top marks in ESG performance.
Green initiatives include the introduction of a sustainable fleet, a significant reduction in year-on-year landfill waste and the procurement of 100 per cent renewable energy across the organisation.
Cadent, the UKs largest gas distribution network, is pleased to announce it has been recognised as ‘Sector Leaders’ for sustainability in an international ESG (environmental, social and governance) league table, being awarded the top mark of 100/100 for ESG performance and management. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world and each year, assesses the performance of assets worldwide, providing clarity and insights to financial markets on complex sustainability topics.
The GRESB Sector Leader Awards recognises real estate and infrastructure companies, funds and assets that have demonstrated outstanding leadership in sustainability each year. Cadent participated in the Infrastructure Assessment, obtaining Sector Leader status for its approach and progress around ESG innovation.
With ambitious sustainability targets, which include reducing methane emissions by more than the UK’s 30 per cent target by 2030, Cadent has delivered several impactful initiatives this year, to make life easier, fairer and greener for its customers, colleagues and communities. These include the introduction of a sustainable fleet, with over 90 per cent of Cadent vehicles now either electric or hybrid, a significant reduction in year-on-year landfill waste and the procurement of 100 per cent renewable energy across the organisation. Furthermore, Cadent is dedicated to investment and innovation on cleaner energy sources, such as biomethane and hydrogen, with the ultimate goal of achieving Net Zero by 2050.
Mark Belmega, Director of Social Impact and Sustainability at Cadent, said: “We’re extremely proud of this recognition. Currently, the UK’s energy system is dependent on fossil fuels and therefore, operationally, it is vital that we do everything we can to decarbonise. One of our main focus areas has been to reduce methane leakage from our pipe network and we’re investing in technology that helps us better prioritise our asset maintenance and replacement programmes. This has been a complex engineering initiative, delivered over many years but means that by 2032, our network will be 90 per cent ready to take hydrogen and other greener gases to support the UK in reaching net zero goals which is incredibly exciting.”
The GRESB assessments are guided by what investors and the industry consider to be ‘material issues’ in the sustainability performance of asset investments and are aligned with international reporting frameworks, goals and emerging regulations. The GRESB ESG Benchmark grew this year to cover more than USD 8.8 trillion of gross asset value, encompassing 2,084 real estate entities, 687 infrastructure assets and 172 infrastructure funds.
“GRESB Sector Leaders embody the industry's champions, leading the charge towards a net zero future and propelling the sector forward. We wholeheartedly commend this year's Sector Leaders for their dedication, leadership and commitment to ESG principles and sustainability," said Sebastien Roussotte, CEO of GRESB.