Pan-European real estate investment manager Redevco has committed to make its whole portfolio net zero carbon – a total of more than 330 assets across the continent.
The firm has set itself the target of achieving the goal by the year 2040 – dubbed Mission 2040. This is in line with the World Green Building Council’s (WGBC) guidance, which is more stringent than the industry-standard BREEAM certification.
WGBC rules state assets should be highly energy-efficient and be fully powered on-site, or with off-site renewable energy sources.
Eighty four percent of Redevco’s assets under management are BREEAM-certified. The company has picked an initial four projects for Mission 2040.
They include a retail transformation scheme, a residential development, an inner-city shopping centre project, as well as on-site renewable energy generation efforts.
Improvements will take place through a combination of building material-related measures and collaboration with tenants, the company said. In addition, Redevco has already started to invest in on-site renewable energy generation where that makes sense. Last year, Redevco improved the ratings of 47 properties to BREEAM classification.
The term ‘net zero carbon’ means achieving net zero carbon dioxide emissions by balancing carbon emissions with carbon removal, such as by offsetting, or by simply eliminating them.
Clemens Brenninkmeijer, head of sustainable business operations at Redevco, said: ‘We believe that we can make a significant impact by improving the environmental performance of our assets under management. Our sector, responsible for more than 30% of global energy consumption, has a responsibility to find solutions and reduce carbon emissions.
‘Redevco wants to lead by example and show the industry what it means to act responsibly. It starts with us. We need to minimise our impact on the climate and the Earth’s resources.
‘BREEAM certification is not a goal in itself. We use it as a tool to measure the environmental performance of our buildings, set targets for improvement and make deliberate investments to continuously upgrade our properties, thereby making them more future proof.
'We are well under way and have learned and achieved a lot. But with legislation and market pressures likely to get even tougher, we want to accelerate our carbon reduction efforts.’