07 October 2019 | Herpreet Kaur Grewal
Commercial property owners have signed a commitment to tackle the growing risks of climate change through the delivery of net zero-carbon real estate portfolios by 2050.
Launched by the Better Buildings Partnership, the Climate Change Commitment has been signed by 23 of its members, covering at least £300 billion assets under management and more than 11,000 commercial properties globally that are responsible for over 1.2 million tonnes of carbon emissions a year.
The commitment was developed in response to a Better Buildings Partnership dinner attended by CEOs and chief information officers from the real estate investment industry earlier in the year, at which eminent climate change scientist Professor Chris Rapley gave the address.
These senior industry leaders are in accord that property owners need to take urgent, collective action to respond to the challenges of climate change and address the risks it poses to their investment portfolios.
Aberdeen Standard Investments
Aviva Investors Real Estate
Canary Wharf Group
Capital & Regional
Great Portland Estates PLC
Grosvenor Britain & Ireland
Hermes Investment Management
LaSalle Investment Management
LGIM Real Assets
Low Carbon Workplace
M&G Real Estate
Nuveen Real Estate
Schroder Real Estate Investment Management
Transport for London
Workspace Group PLC
The commitment highlights the need for buildings to be net zero-carbon by 2050 and commits signatories to publicly publish their own pathways to achieving this by the end of 2020.
These pathways will cover new and existing buildings, both operational carbon and embodied carbon and, critically, include the impact of the energy consumed by the buildings' occupiers.
Signatories will also report annually on the progress on their pathways and disclose the energy performance of their portfolios to demonstrate a clear intention to improve transparency within the market.