NREP leads Nordic charge into 100% renewable energy initiative

Nordic private equity investor NREP has become the first real estate company in the region to join RE100, a coalition of firms committed to 100% renewable energy.

RE100 is led by The Climate Group in partnership with environmental impact charity CPD.

'Close to 30% of the world’s energy-related CO2 emissions comes from the buildings sector. With two thirds of those emissions coming from electricity use in buildings, it is obviously all-important for society that we work to reduce emissions,' said Claus Mathisen, CEO of NREP. 'Today, we announce an ambition to run all our buildings on 100% renewable electricity, and we commit to lead a change towards a low-carbon future.'

Electricity use in buildings is growing on a global basis, according to IEA, the International Energy Association.

In buildings that NREP owns and manages, the power consumption currently totals 145,000 MWh per year. NREP's footprint comprises more than 2.3 million m2 of real estate across the Nordics.

With its ambition to become powered 100% by renewables, NREP commits to switch to renewable electricity within one year in all buildings directly operated in Denmark, Sweden, Finland and Norway. Before 2025, the company commits to a 100% transition including ‘indirect electricity use’, i.e. electricity chosen and consumed by tenants.

'A full transition to green power across all our buildings will in some cases require innovative solutions, in other cases it will take close collaboration with our customers. The road towards transition may prove challenging, but we’ll work hard to make the switch – for the benefit of our customers and society at large,' Mathisen added.

Taking charge
'It is critical that the real estate sector takes charge of accelerating the transition to clean electricity. NREP is demonstrating leadership by committing to making the switch to 100% by 2020, signaling to other landlords that it is very possible to do it now and do it fast – and, importantly, showing their tenants that they too can help them decarbonise,' said Sam Kimmins, head of RE100 at The Climate Group.

RE100 was launched in 2014. Today, 206 companies have been accepted as members, either by having a significant electricity consumption, being a Fortune 1000 company, or by being recognised as a trusted brand with an international or regional influence that benefits RE100’s aims.

In the Nordics, the coalition now has 14 members, including IKEA, Novo Nordisk, DNB and Carlsberg.

A transition towards 100% renewable energy supports UN’s Sustainable Development Goal no. 7, ‘Affordable and Clean Energy’, which aims for a ‘substantial increase in the share of renewable energy in the global energy mix’, according to RE100.

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