BMO Real Estate Partners (BMO REP) has announced a phased pathway to decarbonising its business and becoming net zero carbon by 2050 or sooner.
This ambition is aligned with BMO REP’s commitment to delivering sustainable property assets, meaning it benefits from a solid foundation from which to eliminate carbon emissions under its control and contribute towards meaningfully reducing the built environment’s impact on climate change.
BMO REP’s approach is consistent with the UK Better Buildings Partnership’s Net Zero Carbon Pathway Framework and will apply across its real estate operations in Europe. It will set short-, medium- and long-term delivery targets, with the goal of becoming third party certified as carbon neutral by 2032 and culminate in achieving net zero carbon status by 2050.
It has committed to a phased implementation of the following measurable actions: understand emissions relating to all acquisitions, bringing new property assets in line with net zero carbon trajectory within two years; amend internal management processes to reflect the enhanced importance of carbon characteristics and integrate practices into individual asset business plans; reduce operational emissions from standing assets to achieve energy intensities that are in line with the Paris Climate Agreement; reduce embodied carbon from building projects, promoting and encouraging good practice across the construction process and develop and implement a certified carbon offsetting strategy as a last resort to be considered only after the adoption of all available improvement actions.
Part of BMO REP’s strategy will be to improve data quality and reduce reliance on estimations through enhanced occupier and supply chain engagement. The manager will also create an internal shadow price of carbon to clearly communicate climate related risk and opportunities in investment decision making, encouraging best practice amongst associated third parties.