Twenty four prominent property owners have promised to build assets which emit zero carbon, in a 'ground-breaking' commitment in the UK.
Some of the biggest developers and land owners in the sector are among the signatories to the ‘Climate Change Commitment (CCC)', drawn up by the trade body, Better Buildings Partnership (BBP).
The new accord emphasises the need for buildings to be net zero carbon by 2050, with companies committing to publish their own steps towards achieving this by the end of 2020.
Companies which have signed up to the CCC include Segro, LGIM Real Assets, Hammerson, Canary Wharf Group, and Aberdeen Standard Investment.
The commitment covers new and existing buildings, both operational carbon and embodied carbon, and also includes the impact of the energy consumed by the occupiers of buildings. Signatories will also report annually on progress and disclose the energy performance of their portfolios.
The move is a step towards greater collaboration and transparency by the sector, the BBP said.
Sarah Ratcliffe, CEO of BBP, said: ‘The significance of this commitment cannot be under-estimated - the signatories have over £300bn AUM spanning diverse UK, European and global portfolios.'
‘These senior leaders have acknowledged the scale and urgency of action on climate change that is required, have committed to delivering net zero carbon portfolios, to improving transparency and to driving market transformation. The BBP is proud to count these industry leaders as its members and looks forward to working with them to make net zero carbon buildings a reality.’
Welcoming the commitment to which his company has signed up, Ben Brakes, group sustainability manager at Segro, said: ‘The case to support action on climate change is both an economic as well as a moral one and the time has come to take a broader approach to reducing our collective carbon footprints.'
‘We should be able to achieve this relatively easily with conscious forward planning; by working out what is material to our businesses and what we can influence; by having a science-based approach to measurement; and through effective management control.'
‘It gives us a better chance of success if these efforts are underpinned by initiatives such as the BBP’s Climate Change Commitment to ensure that we’re all pulling in the same direction.’
John Garwood, managing director and company secretary at Canary Wharf Group said: ‘We aspire to be a net zero carbon business, but we recognise that this can only be achieved through leadership, collaboration and action across the whole built environment. In signing this commitment, we hope to send a message that we need to act decisively and we need to act together.’
Full list of "CCC signatories:
- Aberdeen Standard Investments
- Aviva Investors Real Estate
- British Land
- Canary Wharf Group
- Capital & Regional
- Great Portland Estates
- Grosvenor Britain & Ireland
- Grosvenor Europe
- Hermes Investment Management
- LaSalle Investment Management
- LGIM Real Assets
- Lendlease Europe
- Low Carbon Workplace
- M&G Real Estate
- Nuveen Real Estate
- Schroder Real Estate Investment Management
- Transport for London
- Workspace Group