Global real estate CEOs pledge to halve buildings-related emissions by 2030

The Principles also suggest strategies to reduce emissions such as strengthening building codes, creating sustainable purchasing norms, setting data standards and incentivising green leases.The signatories also agreed to measure, report and independently verify their progress against their targets.

Leaders across all industries have a responsibility to take action on their real estate greenhouse gas emissions to ensure progress in the fight against climate change. To meet this need, the World Economic Forum (WEF) launched its Green Building Principles developed in collaboration with JLL. This outlines a sequence of steps to deliver net-zero carbon real estate portfolios, alongside offering strategies to reduce emissions such as strengthening building codes, creating sustainable purchasing norms, setting data standards and incentivising green leases.

In response to this, CEOs of global real estate firms have pledged to reduce their real estate emissions by 50% by 2030 and reach net-zero carbon no later than 2050. Signatories to the pledge include Avison Young, GPFI Group, JLL, Edge, Majid Al Futtaim Properties, and Ivanhoé Cambridge. Additions of Signify and Schneider Electric signify that energy management specialists and lighting providers are taking responsibility for real estate emissions too.

Mathew Black, WEF’s head of financial and monetary systems noted that buildings contribute 38% of all energy-related greenhouse gas emissions. As such, commitment to the pledge to reduce emissions is essential to ensure progress in the fight against climate change.

The signatories also agreed to measure, report and independently verify their progress Senja Close EC against their targets. The WEF, which is holding its annual meeting in Davos, Switzerland from 16th to 20th of January, hopes that through this initiative and with the help of these major players in the real estate industry, progress towards sustainability can be achieved.