Grant Thornton — full event log

Suppliers contracted with Grant Thornton UK must annually calculate their GHG inventory across Scopes 1, 2, and 3 (covering at least 67% of Scope 3 emissions) following the GHG Protocol Corporate Standard and Corporate Value Chain Standard, and allocate emissions attributable to Grant Thornton.

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Grant Thornton UK requires third parties to work towards setting a science-based emissions reduction target and create a reduction plan in line with the UK government net zero by 2050 target.

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The inclusion of Cyprus operations, acquired during 2024, has increased both location- and market-based Scope 2 emissions.

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A refrigerant gas leak in the Finsbury Square London office led to an increase in Scope 1 refrigerant gas emissions of 154 tCO2e (a 217% increase year-on-year).

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Emissions from couriers were previously included within Category 1 (Purchased Goods and Services) in the 2019 baseline year and have been split out into Upstream transportation and distribution for the most recent year.

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On 31 July 2024 the Group acquired voting and economic interests in Grant Thornton Holdings (Cyprus) Limited (49% voting / 76% economic). Cash consideration £4.8m, goodwill £3.6m. Cyprus operations included in 2024 GHG inventory, increasing scope 2 emissions.

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The 2024 GHG inventory now covers UK and Cyprus offices (acquired July 2024). This increased both location- and market-based scope 2 emissions year-on-year.

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Emissions from couriers were previously included within Category 1 (purchased goods and services) in the 2019 baseline; for 2024 they have been split out into upstream transportation and distribution (Category 4).

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In 2024 the method to calculate purchased goods and services emissions was changed: the top 80% of suppliers by spend were analysed to determine industry conversion factors, with the remaining 20% using 'other business services' factors. Where available, supplier-specific emissions factors as of February 2025 were used. The 2019 baseline was restated using a similar method.

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In 2024 the method to calculate PG&S emissions changed: top 80% of suppliers by spend were analysed to determine industry conversion factors, with supplier-specific factors used where available; remaining 20% used third-party factors. 2023 figures restated. Upstream transport and distribution also restated to account for paid-for courier services.

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In 2024 the Group enhanced its 2023 qualitative scenario analysis by incorporating quantitative climate scenario modelling using a third-party data platform across SSP1-2.6, SSP2-4.5, SSP3-7.0 and SSP5-8.5 scenarios.

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On 12 December 2024 partners voted unanimously to accept a binding but conditional agreement for third party investment from Cinven, subject to regulatory approvals. May result in legal structure changes after completion.

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Business travel emissions rose due to increased air travel — air travel alone increased by 1,039 tCO2e, a 27% increase versus the prior year.

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A refrigerant gas leak at the London Finsbury Square office led to an increase in scope 1 refrigerant gases of 154 tCO2e (217% increase year-on-year), partially offsetting reductions from natural gas through office closure.

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Air travel increased by 1,039 tCO2e (27%) due to business priorities, contributing to the rise in business travel emissions.

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The inclusion of Cyprus operations, acquired during 2024, has increased location-based and market-based scope 2 emissions.

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Group has SBTi-validated target to reach net zero (≥90% reduction in scope 1, 2 and 3) by 2045 aligned with the SBTi 1.5°C pathway. Near-term targets: 70% reduction in scope 1+2 by 2030 vs 2019 baseline; 50% reduction in scope 3 business travel and commuting by 2030 vs 2019; 55% of suppliers by emissions to have science-based targets by 2027.

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In 2024 the method to calculate purchased goods and services emissions was changed: top 80% of suppliers by spend were analysed to determine industry conversion factors, remaining 20% used 'other business services' factor, with supplier-specific factors used where available. The 2019 baseline was restated under the new method.

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In 2023, Grant Thornton obtained limited assurance over its GHG inventories for the first time. Scope 1, Scope 2 and Scope 3 categories 1-7 emissions data for calendar year 2019 baseline and calendar year 2022 were reviewed by an external CPA firm in accordance with applicable AICPA standards.

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2023 disclosure restated to reflect structural changes during 2024 which moved certain operating units between Advisory and Tax. Impact: £19.4m increase in Tax revenue and £19.4m decrease in Advisory revenue from previously reported 2023 figures.

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Targets validated by SBTi in 2023: reduce Scope 1 and 2 emissions by 70% by 2030 (vs 2019 baseline); reduce Scope 3 business travel and commuting by 50% by 2030; 55% of suppliers by emissions to have science-based targets by 2027; net zero (90% reduction across all scopes) by 2045 aligned with SBTi 1.5°C pathway.

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For Scope 1 and 2 energy usage, 19% of data is estimated in 2023 (2022: 24%). Improved data coverage. Group also confirmed it will restate comparatives if methodology changes alter data by more than 5%.

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Grant Thornton submitted its emissions reduction targets to the Science Based Targets initiative for validation in early 2023. Near-term target: reduce absolute Scope 1 and 2 GHG emissions by 90% and reduce Scope 3 emissions by more than 50% from 2019 levels by 2030. Long-term: reduce absolute Scope 3 emissions 90% by 2050.

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The firm's Public Sector Advisory practice was divested in October 2022. The divestiture impacted metrics in environmental and social areas. Emissions associated with the practice have been removed from GHG inventories including baseline.

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As part of the limited assurance process, calendar year 2019 baseline emissions were adjusted. Data was also updated to remove Public Sector Advisory practice emissions. Additional updates to data collection and methodology processes drove changes in previously reported emissions data.

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2020 data is not included in reporting because datasets from that period are incomplete and include more proxy data and estimates. Significant pandemic-related reductions in business travel were not representative of typical emissions.

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In 2021, Grant Thornton originally set a long-term goal to achieve net-zero GHG emissions by 2030. Throughout 2022, in preparation for SBTi submission, the firm refined its goals to align with the SBTi's Net-Zero Standard, which requires reducing absolute emissions by 90%. To meet the requirements, the long-term net-zero goal timeline was extended to 2050. Near-term target remains 55% reduction by 2030 from 2019 baseline.

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In 2023, the firm more formally evaluated all emissions categories and reported on most complete emissions datasets to date. New emissions inputs added: Scope 1 refrigerants, Scope 2 district heating, and additional Scope 3 categories including Capital Goods, Upstream Transportation & Distribution, and Waste.

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This is the first year Grant Thornton has disclosed climate-related financial disclosures under TCFD, in accordance with the Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022. Scope 3 now includes purchased goods and services, upstream transportation & distribution, and commuting categories with comparatives added.

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Operating profit grew 18% in 2023 to £146.2m driven by one-off property-related income (£22.0m in 'other' operating income vs £0.2m in 2022), expected to be related to compensation on disposal of Grant Thornton House (HS2). Underlying picture excludes this.

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Total emissions rose year-on-year due to more people working from offices (higher gas and electricity use), a higher UK government emissions factor for location-based electricity, and business travel increasing each quarter throughout the year.

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In 2023 Grant Thornton set Long-Term and updated Near-Term carbon reduction targets validated by SBTi: 70% Scope 1&2 reduction by 2030 vs 2019; 50% business travel + commuting reduction by 2030 vs 2019; 55% of suppliers by emissions to have SBTs by 2027; Net Zero (>=90% reduction) by 2045 vs 2019.

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In 2023 Grant Thornton set Long-Term and updated Near-Term carbon reduction targets validated by SBTi: reduce Scope 1 & 2 by 70% by 2030 from 2019; reduce business travel and commuting emissions 50% by 2030 from 2019; by 2027 55% of suppliers by emissions to have science-based targets; Net Zero (≥90% reduction) by 2045 from 2019 baseline.

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Following a formal tender process, Crowe U.K. LLP appointed as the Group's new auditor with effect from 31 December 2022 financial year. Mazars LLP resigns following completion of the 31 December 2021 audit.

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Submitted plans to Science Based Targets initiative (SBTi) for long and updated near-term carbon reduction targets to be validated with a revised baseline of 2019, aligned with 1.5°C goal. Long-term target is reducing emissions by 90% by 2045 from 2019 baseline.

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Seth Siegel was ratified as CEO-elect in September 2021, with term beginning August 1, 2022, succeeding Brad Preber.

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Scope 3 emissions increased materially as international travel resumed following lifting of COVID-19 restrictions. Air, rail and road transport emissions all increased significantly vs 2021, though flight emissions still less than half of pre-Covid levels.

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Firm reduced square footage by nearly 150,000 square feet from FY2020 through FY2022 due to shift to hybrid work model, contributing to Scope 1 and 2 emission reductions.

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This is the first year Grant Thornton combined Sustainability and DE&I reports and included information about its shared services center in Bengaluru, India (Grant Thornton INDUS) in the report.

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The firm divested its Public Sector Advisory practice in October 2022. Both 2019 and 2021 GHG inventories include contributions from this business; future disclosures will treat this as a structural change resulting in baseline adjustment.

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Revised baseline of 2019 set for updated near-term and long-term SBTi targets.

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Signed lease on new London head office with vastly improved sustainability credentials compared with current London property which is the primary location of over 40% of employees.

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During 2022 started working on implementing Task Force on Climate-related Financial Disclosures (TCFD) aligned requirements. Refined ESG governance and established Environmental Working Group. Full TCFD report planned for 2023 Annual report.

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For 2022 disclosure (CY2021 data), the firm reported for the first time on additional Scope 3 categories including Purchased Goods and Services, Employee Commuting, and emissions from telework, in addition to Business Travel.

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CY2021 emissions were less than half of 2019 baseline, primarily due to the effects of the COVID-19 pandemic which contributed to reductions in business travel, purchased goods and services, and employee commuting. Firm anticipates emissions may increase as it emerges from the pandemic.

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In August 2021, Grant Thornton announced its goal to achieve a 55% absolute reduction of greenhouse gas emissions by 2030 from a 2019 baseline.

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In October 2021, Grant Thornton committed to achieving net zero greenhouse gas emissions by 2030, in support of keeping global temperature rise to 1.5 degrees Celsius. Targets to be validated by SBTi by end of 2023.

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In October 2021, Grant Thornton International Ltd joined the Net Zero Financial Service Providers Alliance (NZFSPA), committing to align services and products with net zero targets by 2050 or sooner.

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In 2021, Grant Thornton commissioned its first third-party materiality assessment to identify priority ESG issues. Climate change ranked lower than social/governance issues but was identified as material.

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Grant Thornton permanently shifted to a flex-work model, with offices transitioning to culture hubs. This is expected to reduce business travel emissions (largest GHG source) going forward.

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Grant Thornton committed to reaching real Net-Zero following the SBTi Net-Zero Corporate Standard, with a revised baseline to be set. Existing short-term science-based target is 21% emissions reduction by 2023 from 2018 baseline.

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In 2020 the market-based emissions for Scope 2 purchased electricity were calculated using the average UK grid fuel mix. In 2021 they used the residual fuel mix for the UK; 2020 figures restated for comparability.

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Additional Scope 3 emissions categories (paper and business travel by air, rail and taxis) included in current and restated comparison years.

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In 2021 two of the firm's offices relocated to buildings with renewable electricity and low carbon heating systems.

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In August 2021, Grant Thornton announced a goal to reduce absolute GHG emissions by 55% from a 2019 baseline by 2030. In October 2021, the firm expanded the goal to commit to net-zero GHG emissions by 2030 aligned with SBTi Net-Zero Standard.

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Firm committed to setting net-zero target with the Science Based Targets initiative (SBTi); targets to be submitted for validation by SBTi in 2023.

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All 2021 emissions figures (Scope 1, 2 and 3) have been restated in the 2022 report. The energy and carbon report shows '31 December 2021 (restated)' headers throughout the emissions table.

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2020 figures restated due to additional data availability, use of residual fuel mix conversion factor, and inclusion of additional Scope 3 emissions (paper, business travel by air, rail and taxis). Owned/leased vehicles reclassified from Scope 3 to Scope 1.

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In 2020, Grant Thornton formally launched its environmental management program, beginning systematic GHG emissions tracking (Scope 1, 2, and 3 business travel).

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Group adopted IFRS 16 Leases using modified retrospective approach effective 1 January 2020. Recognised £56.2m of right-of-use assets and £59.4m of lease liabilities. Comparatives not restated.

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Due to the global pandemic, emissions in 2020 from energy consumption and travel naturally reduced due to the shift to homeworking and travel restrictions. This means 2020 figures are not representative of normal operations.

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Committed to reducing emissions by 21% by 2023, set as a science-based target.

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Grant Thornton committed to reach real net-zero by 2050 without relying on offsetting. Also committed to reducing emissions by 21% by 2023. States it was the first accountancy firm in the world to set science-based targets.

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The 2019 PG&S figure (13,810 tCO2e) has been restated using the updated spend-based methodology applied in 2024.

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On 26 June 2019, Grant Thornton UK LLP disposed of its Wealth Advisory business to 1825, Standard Life Aberdeen's wholly owned financial planning and advice business. Additional £3m contingent consideration recognised in 2020.

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Group changed financial year end resulting in an extended 18-month reporting period from 1 July 2018 to 31 December 2019. This makes year-on-year comparisons with 2020 (12 months) difficult.

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