M&G Real Estate aims to become net zero carbon by 2050
M&G Real Estate has already driven down the energy intensity of its global real estate portfolio by 23% since 2013
M&G Real Estate, a financial solutions provider for real estate investors, has signed a commitment to tackle the growing risks of climate change through the delivery of a net zero carbon global property portfolio by 2050.
The commitment, launched by the Better Buildings Partnership (BBP) on September 26, highlights the need for buildings to be net zero carbon within 30 years and commits 23 signatories to publishing their pathways to net zero carbon buildings by end of 2020. The pathways will cover both operational and embodied carbon and includes the impact of the energy consumed by buildings' occupiers.
M&G Real Estate has committed to report annually on its progress and to disclose the energy performance of its portfolios, demonstrating a clear intention to improve transparency within the property sector.
Tony Brown, head of M&G Real Estate, comments, “We are committed to achieving net zero carbon by 2050 across our global portfolio. The whole real estate market must come on this journey with us if we are to limit the worst impacts of climate change. We therefore fully support the BBP members’ commitment and the signal this provides to all in the real estate sector to deliver the transition to a low-carbon economy.
“Making significant progress against our 25% energy reduction target for 2025, we have already driven down the energy intensity of our global real estate portfolio by 23% since 2013. We now need to further challenge ourselves and everyone we work with on how over the next 30 years we can transition all our assets to be net zero, enabling us to deliver a cleaner, greener world for all,” adds Brown.
Sarah Ratcliffe, Chief Executive of the BBP, says, “The significance of this commitment cannot be under-estimated - the signatories have over 300 billion pounds (US$371.2 billion) of assets under management 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 buildings, to improving transparency and driving market transformation,” says Ratcliffe.
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