Market Transformation
The change necessary to deliver long-term sustainability requires a fundamental shift in the way businesses operate.
Our Market Transformation workstream aims to facilitate transformative change across the industry through the development and delivery of ambitious industry leading initiatives. Our Market Transformation workstream covers Net Zero Carbon and Climate Resilience. Read on to find out more about what we’ve delivered in these areas.
View our case studies on Market Transformation and Net Zero Carbon.
Net Zero Carbon Working Group Co-Chairs
The Group’s key initiative is the BBP Climate Commitment – a pledge in which signatories commit to being Net Zero Carbon by no later than 2050, to publish net zero carbon pathways and delivery plans, disclose the energy performance of their assets and develop comprehensive climate resilience strategies.
Members of the Working Group include:
abrdn, Berkeley Estate Asset Management, Blackstone, BMO Real Estate, British Land, Brockton Everlast, Brookfield Properties, Bruntwood, Cadogan, Canary Wharf Group, Capital & Regional, CBRE GI, CEG, Derwent London, DWS, EDR REIM, Federated Hermes, Frasers Property, GPE, Grosvenor, Helical, IM Properties, Invesco, Landsec, LaSalle Investment Management, Legal & General Investment Management, Lendlease, Logicor, M&G Real Estate, Morgan Stanley Real Assets, Norges Bank, Nuveen Real Estate, Orchard Street Investment Management, PGIM, Picton, Royal London Asset Management, Savills Investment Management, Schroder Real Estate, SEGRO, Shaftesbury, Surrey Research Park, TfL, The Crown Estate, URW, Workspace
Highlights from the last year include:
- Strengthened compliance and enforcement measures for the Climate Commitment, particularly around annual reporting and climate resilience.
- Began development of the BBP Carbon Credit Procurement Guide (now publicly available on the BBP Toolkits page) – a tool to help BBP members structure procurement processes for carbon credits aligned with industry best practice.
- Continued to play a key role in the development of the UK Net Zero Carbon Buildings Standard. The Pilot Version was launched in September 2024, with BBP members and the Executive participating in Task Groups, Sector Groups, the Governance Board, and the Technical Steering Group.
- Delivered engaging member knowledge-sharing sessions and workshops on wide ranging topics including net zero carbon audits, setting science-based targets, Scope 3 measurement and reporting, The UK Net Zero Carbon Buildings Standard, the RICS whole life carbon assessment for the built environment and embodied carbon. The final session was a particular highlight, with members discussing WLCA templates, procurement challenges, and embodied carbon reduction strategies across consultants, contractors, and tenants.
Related Resources:
Climate Resilience Working Group Co-Chairs
The Climate Resilience Working Group is chaired by Janine Cole, BBP Chair, from GPE and Shuen Chan, Legal & General Investment Management.
The Group is responsible for developing the BBP’s approach to defining climate resilience, outlining how it is best delivered and measured, and how working together BBP members can support each other to evolve best practice.
Find out more about our work in this area on our BBP Climate Commitment Page, where you can also access our Climate Resilience Guide.
Members of the Climate Resilience Working Group include:
abrdn, Berkeley Estate Asset Management, Aviva Investors, Blackstone, BMO Real Estate, British Land, Brockton Everlast, Brookfield Properties, Cadogan, Canary Wharf Group, Capital & Regional, CBRE GI, CEG, Derwent London, DWS, Federated Hermes, Frasers Property, GPE, Grosvenor, Helical, Invesco, Landsec, LaSalle Investment Management, Legal & General Investment Management, Lendlease, Logicor, Low Carbon Workplace, M&G Real Estate, Morgan Stanley Real Assets, Norges Bank, Nuveen Real Estate, Orchard Street Investment Management, PGIM, Royal London Asset Management, Savills Investment Management, Schroder Real Estate, SEGRO, Shaftesbury , Surrey Research Park, TfL, The Crown Estate, Workspace.
Highlights of the last year include:
- Member’s first launch of a new guide on TNFD for UK Commercial Real Estate in October 2024 hosted by Canary Wharf Group followed by a public launch of the document at the Natural Capital Summit in November. This guide provides guidance to help UK real estate investors integrate nature-related considerations into climate resilience planning.
- This was followed with a knowledge sharing session for members in December 2024 to deep dive into the new guide, including looking at how it can been applied at the asset level.
- Knowledge sharing on the UK’s TCFD disclosure regulations in May 2024 meeting, providing members with practical guidance, sharing challenges and solutions, and highlighting support available through the BBP’s Climate Resilience Guide.
- Continued support for members in adopting and applying the Climate Resilience Guide, building on its framework to address evolving risks and adaptation opportunities.