More CRE Companies Pledge 50% Emissions Cuts By 2050

A number of commercial real estate CEOs have made a pledge to reduce their real estate emissions by 50% by 2030 and reach net-zero carbon no later than 2050.

That is significant because as Matthew Blake, head of financial and monetary systems, the World Economic Forum, noted in prepared remarks that real estate represents nearly 40% of all energy-related GHG emissions, but “the sector is frequently an afterthought when it comes to an organization’s decarbonization and sustainability strategies.

“Leaders across all industries have a responsibility to take action on their real estate GHG emissions to ensure progress in the fight against climate change.”

The World Economic Forum’s annual event in Davos, Switzerland, is Jan. 16-20.

Among the companies to pledge to halve their buildings-related emissions by 2030 and reach net-zero building emissions by 2050 are Avison Young, JLL, Ivanhoé Cambridge, Edge, GPFI Group, Majid Al Futtaim Properties, Schneider Electric, and Signify. These firms will use a 10-step process developed last year by the World Economic Forum to meet this goal.

Christian Ulbrich, global CEO and president, JLL, said in prepared remarks, “It’s imperative that we address real estate-related emissions.

“Getting started is often the hardest part and the principles offer a simple set of steps to do so. We believe it is easier to get to net zero in the built environment than for many companies to get to net zero in their core businesses and the business case is there to support action.”

Mark E. Rose, chairman and CEO, Avison Young, said in prepared remarks, “The emphasis on bringing together the world’s leading businesses and public figures to collectively address issues like climate change and driving social change is fundamental to what Avison Young stands for.

“ESG considerations across the board must be addressed by the real estate sector — buildings have a huge impact on our everyday lives and the planet.”